MEG price moves down on weak futures

YarnsandFibers News Bureau 2017-05-24 12:23:33 –

Asian MEG prices fell US$21 a ton CFR China and CFR South East Asia in the second week of May. Mono ethylene glycol prices in Asian markets declined on weaker futures and traders taking profits early in the week, with both yuan-denominated swaps and US$ -denominated spot cargoes trading sharply lower, especially midweek. In China, MEG market declined in weakness that week and offers moved down all along and rebounded slightly later.

In Europe, MEG spot prices moved sideways as suppliers were unwilling to lower prices although demand remained tepid.

In US, spot MEG also moved sideways on the week as USG Coast barge business was heard quiet and steady. The soft demand period is expected to continue through July.

Courtesy: Weekly PriceWatch Report

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