Asian MEG prices declined US$27 a ton CFR China and CFR South East Asia in the second week of February. Mono ethylene glycol prices fell in Asian markets sending cues to other regions. However, it saw support from tight avails on turnaround as margin sank ending two weeks of steady gains by falling sharply to the lowest level since 21 December 2016.
In China, MEG markets were under fluctuation. Taiwan's Nan Ya Plastics plans to restart its 360,000 a ton a year No. 2 MEG plant in Mailiao early March after annual maintenance.
In US, MEG prices slipped off the 19-month high despite supply described as tight. However, it followed dip in Asia market with limited export availability. Spot MEG were down US cent 1 per pound FOB USG on the week.
In Europe, MEG prices were flat for the second consecutive week, as plant turnarounds approached.
Courtesy: Weekly PriceWatch Report
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