MPG prices edge down in northeast Asia on bearish sentiment

14 April 2014 11:02 Source:ICIS News

SINGAPORE (ICIS)--Monopropylene glycol (MPG) spot import prices were heard declining in northeast Asia, on the back of bearish sentiment in China.

Bearish sentiment in China was observed to have translated to trading and price discussions heard at lower prices in northeast Asia. Weak sentiment in China was attributed to the renewed slide in feedstock propylene oxide (PO) domestic prices for the third consecutive week.

Buying indications of pharmaceutical-grade propylene glycol (PG USP) drummed spot imports to northeast Asia were heard at around $1,750/tonne CFR (cost & freight) NE (northeast) Asia in the week ended 11 April, against offers at $1,800-1,850/tonne CFR NE Asia.

Trading was heard within $1,770-1,830/tonne CFR NE Asia in the same period, edging down $20-30/tonne compared with trades last heard. Two suppliers said that they would not sell below $1,800/tonne CFR NE Asia and a separate supplier conceded price discussions were within the range.

By Ho Pui Wing