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MEG price tumbles in Asia

YarnsandFibers News Bureau 2016-06-08 05:43:38 –

Asian MEG prices fell US$17 a ton CFR China and CFR South East Asia in the last week of May.

Mono ethylene glycol prices in Asian markets continued the downtrend, falling on the week due to negative outlook, falling July futures on Huaxicun and massive sell-offs in H1, H2 June swaps.

In China, MEG market was range bound at low levels that week, with average price down from previous week.

In Europe, MEG prices were stable despite Shell outage giving mixed sentiment from production and fall in Asian markets.

In US, MEG spot supply was still limited as sellers saw opportunity in Europe. Contract price is likely to drop in June. US spot MEG was up US cent 0.50 per pound FOB USG on the week. MEGlobal lowered its June North American MEG benchmark by US cents 2 per pound.

Courtesy: Weekly PriceWatch Report

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