Asian MEG prices jumped US$32 a ton CFR China and CFR South East Asia in the first week of June. In China, offers for nearby-month cargoes surged amid moderate transaction.
Mono ethylene glycol prices soared in Asian markets, rising day on day through the week as sentiment turned bullish with Chinese government increasing money supply in the market. Downstream demand from polyester manufacturers was also healthy.
In China, moved up as players in long position tried to maintain sentiment, amid notable reduction in inventories at ports. Supply is expected to tighten a bit with Maruzen shutting its Chiba MEG plant for a-month turnaround.
In US, MEG spot was stable, resisting pressure from jumps in Asia. Barge market activity was again heard muted.
European MEG prices remained flat as market demand remained muted. June contract price was fully settled down from May.
Courtesy: Weekly PriceWatch Report
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