Corrected: Sinopec settles MEG July contract price at CNY7,700/tonne

24 July 2014 07:15 Source:ICIS News

Correction: In the ICIS news story headlined “China’s Sinopec settles MEG July contract price at CNY7,700/tonne" dated 24 July 2014, please read in the first paragraph “up by CNY50/tonne”…instead of “down CNY50/tonne”…A corrected story follows

SINGAPORE (ICIS)--China’s Sinopec has settled its July monoethylene glycol (MEG) contract price at yuan (CNY) 7,700/tonne ($1,242/tonne), up by CNY50/tonne compared with its June contract price, a company source said on Thursday.

MEG prices in July have been supported by the firm purified terephthalic acid (PTA) prices, but also weighed down by end-users’ lower operating rates because of poor demand, market sources said.

Spot MEG prices in east China were assessed at CNY7,410-7,450/tonne ex-tank on 24 July, which were almost unchanged from the start of the month, according to Chemease, an ICIS service in China.

($1 = CNY6.20)

By Sunny Chen