In the first week of September, Asian MEG prices edged down US$7 a ton both CFR China and Southeast Asia. In China, offers for nearby-month cargoes were at US$705-710 a ton, and counter offers were at US$695 a ton, with negotiations at US$700 a ton. Mono ethylene glycol prices moved down in Asian markets on bearish outlook and thin trading dragged bids lower. That week saw thin trading as China was on holiday for two days to celebrate Victory Day.
In Europe, MEG prices were also down on ample supply and contract for September settling fully down from the August contract. The Northwest European MEG contract for September was settled and down Euro135 a ton from the August contract.
In US, MEG September contract assessment dropped while spot remained flat on Asian slight fall. Supply is expected to tighten in near future. Overall, MEG markets will probably enter an upward trend supported by strong demand in a busy season in mid to late September. MEG prices were held stable for another week.
Courtesy: Weekly PriceWatch Report
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