MEG price jumps on rising crude and good demand

YarnsandFibers News Bureau 2016-04-27 07:33:58 –

Asian MEG markers were up US$5 a ton CFR China and CFR South East Asia in the second week of April.

Mono ethylene glycol prices declined sharply opening the week but regained later on higher futures, rising crude and emerging demand.

Prices would have been higher if not for some late-week short positions taken by several Chinese futures traders, reports said. Saudi Kayan Petrochemical completed the maintenance of its MEG unit, thus resuming supplies.

In US, MEG spot was steady amid thin trade and higher Asia, but feedstock ethylene was down. Supply was tight at the moment but will loosen soon.

European MEG was stable on mixed demand and edging up Asian numbers.

Courtesy: Weekly PriceWatch Report

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