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MEG price rises to three-month high amid tight supply in US

YarnsandFibers News Bureau 2016-03-23 09:31:44 –

In US, MEG market remained on upward trend in the second week of March reaching three-month high on tighter supply as maintenance activity provided pricing support. US spot MEG increased US cents 1.50 per pound FOB USG on the week.

In Europe, MEG spot prices were up on tight availability amid stable demand and limited imports. European MEG edged up Euro10 a ton FCA NEW on the week.

Mono ethylene glycol prices in Asia declined continuously day on day after opening with a very high rush on 7th March 2016. Prices had jumped 6% opening the week from the first week of March, but gave back all its gain to end the week marginally high.

The markets had a nice bull-run over the past few weeks, trading up from around US$600 a ton since early February to this midweek. MEGlobal nominated its Asian MEG contract price for April up from March 2016.

Asian MEG markers surged US$42 opening the week and ended with a gain of US$2 to be assessed at US$700-705 a ton CFR China while CFR South East Asia was up at US$703-707 a ton.

In China, MEG values jumped up US$30-40 a ton on Monday, and some offers reached US$760 a ton, with discussions rising to US$740 a ton. Later values fell significantly with buying ideas breaching US$700 a ton.

MEGlobal nominated its Asian contract price for April which was up US$100 a ton on the month.

Courtesy: Weekly PriceWatch Report

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