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MEG price slips in Asia while rose in Europe

YarnsandFibers News Bureau 2015-11-25 08:02:29 –

Asian MEG markers fell US$25 a ton CFR China and Southeast Asia CFR in the second week of November.

In China, central prices slipped below US$600 a ton, with some deals done at low levels.

Mono ethylene glycol prices declined in Asian markets as bearish outlook triggered short-selling amid weak PET and polyester markets. However, issues at Nan Ya MEG plant stemmed price fall.

In China, environmental regulations in Suzhou pushed MEG markets on a downslide.

In Europe, MEG prices spiked on supply concerns as Shell Chemical declared a force majeure on ethylene cracker in Moerdijk.

Fire at Shell unit in Europe pushed prices up Euro100 a ton FCA NEW on the week.

SABIC nominated its December Asian contract price at US$770 a ton CFR, down US$70 from the previous nomination.

MEGlobal also nominated December ACP at US$790 a ton CFR, down US$90 from the previous.

In US, MEG spot prices were assessed steady for second straight week as supply continued to be limited while arbitrage window to Europe was open and demand from Latin America picking up.

Courtesy: Weekly PriceWatch Report

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