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MEG price drops on aggressive selling and weak June futures

YarnsandFibers News Bureau 2016-04-20 10:58:14 –

Asian MEG markers declined US$39 a ton CFR China and CFR South East Asia in the first week of April.

Mono ethylene glycol prices in Asian markets fell throughout the week on aggressive selling and weak June futures. Bearish sentiment drove bids lower on weekend.

In China, MEG market retreated significantly as sales/production in downstream polyester was mute during the Tomb-sweeping Day holiday.

In Europe, MEG spot fell, shrugging off higher contract, which regained premium over spot prices following Asian fall. April contract was fully settled at an increase over March which was up Euro84 a ton. European spot truck prices of MEG were down Euro22 a ton FCA NWE on the week.

In US, spot was flat due to supply and weak upstream ethylene cost.

Courtesy: Weekly PriceWatch Report

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