Asian MEG marker gained US$13 a ton CFR China and CFR South East Asia in the third week of Asia. In China, spot offers were up US$10 a ton during the week. MEGlobal nominated Asian contract price for September, flat from last month.
Mono ethylene glycol prices jumped in Asia on bullish crude, futures and persistent short covering by major traders. Several traders were buying cargoes to cover both H1 and H2 September physical positions. In China, MEG market was pulled up midweek by tight spot supplies and continuous rise in crude oil prices.
In Europe, MEG spot declined as the summer lull continued to weigh on demand while initial contract price was not yet settled.
In US, MEG markets resisted rise in feedstock as thin activity prevented rise in pricing. September contract is likely to roll over.
Courtesy: Weekly PriceWatch Report
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