Asian MEG prices rose US$7 a ton CFR China and CFR South East Asia marker in the fourth week of November. In China, negotiations rose from in the initial period of the week, and retreated by the weekend.
Mono ethylene glycol prices rose opening the week on short covering by traders while January MEG futures remained volatile. In China, MEG market moved up initially, and then moved down as market sentiment turned lackluster and on rumors that polyester producers postponed the listing of MEG futures. In East China inventory was seen rising.
In Europe, MEG prices climbed that week, buoyed by the increase in Asia and subsequent exports to Asia from Europe.
In US, MEG prices rose to seven-month high as firmer China applied upward pressure. Producers sought increase in December price. US spot MEG gained US cent 0.50 per pound on the week. Huntsman announced price hikes for US December MEG pegging off-list price increase of US cents 2 per pound.
Courtesy: Weekly PriceWatch Report
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