Asian MEG market hit a 6-week high on firm sentiment

YarnsandFibers News Bureau 2016-11-02 04:42:14 –

Asian MEG prices surged US$24 a ton CFR China and CFR South East Asia marker in the third week of October. Mono ethylene glycol prices in Asian markets hit a 6-week high on firmer sentiment as CFR China assessment rose steadily throughout the week gaining roughly 6.5% since third week of September.

In China, trading values jumped US$20 a ton on the week. MEG market was under fluctuation influenced by the listing on Dalian Commodity Exchange. There were favorable factors, like rising crude oil and strengthening bulk commodities amid healthy run rates of polyester units.

In Europe, spot MEG was up Euro20 a ton FCA NWE on the week. European MEG prices rose following BASF Ludwigshafen explosion.

US MEG pricing reversed the previous week's decline, rising along with firmer global pricing. MEG spot pricing rose US cent 1 per pound on the week.

Courtesy: Weekly PriceWatch Report

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