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MEG price inches up amid firm sentiment

YarnsandFibers News Bureau 2016-10-19 04:36:55 –

Asian MEG price inched up US$5 a ton CFR South East Asia and CFR China in the first week of October. In China, offers for nearby-month goods were at US$635 a ton, against counter offers of US$630 a ton.

Mono ethylene glycol prices inched up day on day since midweek on firmer sentiment led by crude oil markets. Supplies remained tight on lower plant run rates while Shell plans to restart Singapore cracker in few weeks. Taiwan's Nan Ya will shut its No. 2 MEG plant next February for annual maintenance.

In Europe, MEG contract rolled over led to steady spot prices on the week. In contract, BASF settled with JBF while Arteco as a buyer followed with another producer.

In US, MEG pricing was flat for the week while October contract price was up amid minimal activity and fundamental support. October contract price was up US cents 1.33 per pound.

Courtesy: Weekly PriceWatch Report

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