Asian MEG prices declined US$23 a ton CFR China and CFR South East Asia in the last week of February. Mono ethylene glycol prices tumbled further for the second consecutive week on lower demand and rising stock at Chinese ports.
Falling downstream PET prices also influence MEG markets. In China, MEG domestic market continued to decline notably with spot plunging on Monday to Thursday while weekend saw signs of rebounding.
In US, MEG spot was set at new 21-month high as supply in the market was heard to be tight and goods moved to Asia with open arbitrage. Spot MEG was up US cents 2 per pound FOB USG on the week.
European MEG prices were stable on week as demand weakened while availability was described as tight.
Courtesy: Weekly PriceWatch Report
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