Saudi Arabia's SABIC raises July MEG ACP by $40/tonne

16 June 2014 03:43 Source:ICIS News

SINGAPORE (ICIS)--Saudi Arabia’s SABIC has raised its nomination for July monoethylene glycol (MEG) Asian Contract Price (ACP) to $1,130/tonne, $40/tonne higher than June’s level, a company source said on Monday.

The ACP nomination price is on a CFR (cost & freight) Asia basis.

Meanwhile, global producer MEGlobal had announced its ACP for July at $1,130/tonne, $50/tonne higher than June's level, while Shell has yet to announce its ACP nomination.

On 13 June, spot MEG discussions were at $974-989/tonne CFR China Main Port (CMP), up by $9-11/tonne from the previous week, according to ICIS data.

By Jeffrey Ong