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Asian MEG market witnesses thin activity, prices roll over

YarnsandFibers News Bureau 2016-02-23 05:39:29 –

Asian MEG markers rolled over in the second week of February with CFR China assessed at US$610-605 a ton while CFR South East Asia was at US$613-617 a ton.

In China, nearby-month cargoes were quoted at about US$590 a ton, with counter offers at US$580-585 a ton and forward-month goods US$5 a ton higher.

Mono ethylene glycol markets in Asia witnessed extremely thin activity amid the Lunar New Year holidays, with participants across South Korea, Taiwan and Southeast Asia were either on holiday or not trading.

Markets in China will resume operations next week. Thus, prices were notionally pegged at a roll over.

In Europe, MEG and DEG prices were flat on the week following the uptick in prices this week and amid stable demand. Northwest European MEG prices were flat that week at Euro610 a ton FCA NWE.

In US, demand for MEG in March is expected to climb up and thus, prices for that month increased. Spot MEG prices were steady for the week. Spot MEG was steady for the week, assessed at US cents 25.5-26.5 per pound (US$562-584 a ton) FOB USG.

Courtesy: Weekly PriceWatch Report

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