Asian MEG prices leapt US$16 a ton CFR China and CFR South East Asia in the second week of January. In China, offers for nearby-month goods edged up US$10 a ton amid thin transaction. Meanwhile, MEGlobal nominated its February MEG Asian contract price which was US$40 a ton higher from its January nomination.
Mono ethylene glycol prices were bullish after thin trading seen early in the week. The market picked weekend on expected price rise in contract price. It also reversed the downtrend seen last week. In China, spot moved up slightly amid continuous fluctuations while producers kept offers unchanged seeing growing inventories. Supply tended to tighten on the back of sustained fall in inventories at ports and the moderate import volume.
European MEG spot climbed amid limited availability as Asia drew Middle East material. European MEG prices climbed Euro40 a ton FCA NEW on the week.
In US, MEG spot rose to a fresh 17-month high as export availability was thin and interest was in sending cargoes to Asia. US MEG was up US cent 1 per pound FOB USG from last week.
Courtesy: Weekly PriceWatch Report
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