Saudi SABIC maintains $1,200/tonne ACP nomination for October MEG

16 September 2013 07:26 Source:ICIS News

SINGAPORE (ICIS)--Saudi Arabia’s SABIC has maintained its $1,200/tonne Asian Contract Price (ACP) nomination for October monoethylene glycol (MEG) (€900/tonne) from September, according to the company source said on Monday.

Spot prices declined to $1,071-1,080/tonne CFR (cost and freight) Asia on 13 September, down by an average of $20/tonne from the previous week, according to Chemease, an ICIS service in China.

There are expectations that downstream demand may improve soon, but uncertainties continue to linger given the persisting economic uncertainty, market players said.

Another major MEG producer,MEGlobal has nominated $1,220/tonne for its October ACP.

($1 = €0.75)

By Yolanda Chen