Asian MEG prices slipped US$17 a ton CFR China and CFR South East Asia marker in the fourth week of May. Mono ethylene glycol prices slid in Asian markets on active trading and fall in feedstock ethylene cost for past few weeks.
Imports declined in April in China, indicating weak demand in the region despite Sinopec Yangzi Petrochemical shutting its 300,000 ton a year MEG plant at Nanjing for maintenance.
In US, MEG spot was down tracking weaker upstream pricing and improving supply as Indorama was back after turnaround. The fall in global pricing also influenced spot prices. US spot MEG was down US cent 0.25 per pound FOB USG on the week.
European MEG prices were stable on week as market saw slight demand uptick and Asian prices softening.
Courtesy: Weekly PriceWatch Report
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