Asian MEG marker recovered US$24 a ton CFR China and CFR South East Asia in the last week of August. In China, spot offers increased US$10 a ton during the week. Mono ethylene glycol prices in Asian market declined opening the week, but later recovered day on day to post the fourth weekly gain.
Spot rose on firming futures and short covering by several major traders actively buying physical cargoes, particularly during the latter half of the week, to cover H1 and H2 September swap and physical positions.
In US, MEG market was focusing on higher ethylene while September pricing rolled over. Coolant blenders may enter market soon. Spot MEG prices were up US cents 0.25 per pound on the week.
In Europe, initial MEG settlement was yet to follow while spot prices were steady on the week.
Courtesy: Weekly PriceWatch Report
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