Asian MEG markers were up US$5 a ton CFR China and CFR South East Asia in the third week of April. In China, central values surged US$30 a ton amid moderate buying interest.
Mono ethylene glycol prices in Asian markets were up on week on firmer crude and despite a day-on-day decline on Friday while downstream PET run rates were healthy.
In China, MEG market continued to rebound that week. However, the upward momentum was cut down significantly, as oil-producing countries did not reach a consensus on output freeze.
Sinopec’s April MEG contract price was however, down from March.
In US, spot MEG was down as supply improved but the direction was uncertain because of supply. Export inquiries to Mexico were seen rising rapidly. US spot MEG was down US$22 a ton on the week.
European MEG spot fell on plentiful imports, high inventories and low demand. MEG truck prices fell Euro18 a ton NEW during the week.
Courtesy: Weekly PriceWatch Report
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