Asian MEG prices surged US$84 a ton CFR China and CFR South East Asia in the second week of December. Mono ethylene glycol prices moved up rapidly opening the week only to softened somewhat later in the week.
In China, OPEC’s agreement on oil product cut influenced MEG futures on Monday and spot values were pulled up. Later, the price rise dwindled, and sentiment weakened by mid-week. With US FED raising interest rate, MEG values moved up gradually.
In US, initial MEG contracts prices were up on strong export demand due to higher Asian prices opening the week. Spot MEG gained US cent 1 per pound on the week.
European December MEG contract and settlement stayed unconfirmed as producers contested rollover. European MEG prices were up Euro10 a ton FCA NEW on the week. The December contract price had settled at a rollover during the week.
Courtesy: Weekly PriceWatch Report
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