MEG price declines on weak demand

YarnsandFibers News Bureau 2015-10-28 08:32:30 –

Mono ethylene glycol markets moved down during the week as trading atmosphere in polyester market calmed down notably compared with second week of October.

Sentiment was lackluster on the whole due to drop in demand and poor liquidity.

Under such influence, together with piling inventory and restart of some non-coal-based MEG units that were shut for maintenance, the downward pressure on the markets increased.

However, there are some unfavorable factors from crude oil market and market fundamental and players will be cautious.

MEG markets are more likely see further drop provided there is no favorable factor in market fundamental.

Asian MEG prices declined US$36 a ton CFR China and CFR Southeast Asia in the third week of October.

In China, offers weakened gradually from US$690-695 a ton early in the week to US$665 a ton, and counter offers dropped to US$650-655 a ton by weekend, with discussions at US$655-660 a ton.

European MEG contract price for October was fully settled and was down Euro26 a ton from September numbers.

In US, spot MEG prices rolled over on the week.

Courtesy: Weekly PriceWatch Report

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