Asian mono ethylene glycol markets were under correction in the week ended 12 June from its earlier bullish week as players were mulling over the waning polyester demand and reduced operating rates at Chinese polyester and PET makers on feedstock PTA spot prices. Polyester markets were depressed on the whole which softened MEG values. Midweek news that Fund Energy (Ningbo) will restart unit as per schedule, MEG value was picked up significantly. However, there was limited interest to seek high-priced cargoes.
Asian MEG markers gave back US$8 a ton CFR China and CFR Southeast Asia. In China, offers for arrived or nearby-month cargoes fell US$20 a ton on the week. SABIC nominated its Asian MEG contract price for July 2015 down US$20 a ton CFR Asian port, from that for June 2015.
European MEG price was stable amid short supply as force majeure continued while lower derivative prices exerted pressure on the market. However, prices were assessed unchanged week on week.
In US, spot MEG price also held stable on the week, as fundamentals remained consistent and interest in exporting cargoes to Europe increased while domestic supplies were seen tightening.
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