MEG price recovers on tight supply in Europe

YarnsandFibers News Bureau 2016-02-17 07:12:13 –

European MEG prices recovered Euro40 a ton FCA NWE on tighter supply in the first week of February.

MEG spot in Europe rebounded on tighter supply as Ineos stopped offering ending several weeks of decline.

Asian MEG markers were up US$9 a ton CFR China and South East Asia on the week.

In China, nearby-month cargoes were quoted at about US$590 a ton, with counter offers at US$580-585 a ton. Forward-month goods were US$5 a ton higher over nearby-month quotes.

Mono ethylene glycol prices rose in Asian markets on bullish sentiment and futures. In China, MEG market was mild, with central values softening slightly amid limited deals under negotiation.

Due to Spring Festival holidays, trading atmosphere was weakened somewhat, and the discussions were stalemated during the week.

In US, MEG spot was steady in quiet market while supply-demand fundamentals remained consistent. Spot was stable week over week, amid thin trading.

Courtesy: Weekly PriceWatch Report

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