MEG price slips on increased supply in Asia

YarnsandFibers News Bureau 2018-05-07 12:41:03 –

Asian spot MEG prices fell US$30 a ton CFR China and CFR South East Asia in the last week of April. In China, offers for nearby-month cargoes was down US$30 a ton, with bids and discussions edging down lower.

Mono ethylene glycol prices in Asian markets plunged that week on increased supply in the region amid thin trading activity. Taiwan's Nan Ya shut its 460,000 tons per year MEG line on 2 May. China’s Sinopec Shanghai Petrochem is planning to shut its 380,000 tons per year MEG plant in June.

In US, MEG prices will face upward momentum in May from tightening supply.

European mono ethylene glycol bulk spot prices shot up again in the week on tighter supply, while truck prices were rising at a slower pace.

Courtesy: Weekly PriceWatch Report

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