Asian MEG marker touched 20 weeks high by posting a rise of US$27 a ton CFR China and CFR South East Asia in the last week of August. In China, spot offers moved up US$25 a ton on the week.
Mono ethylene glycol prices surged in Asian markets on higher futures and several futures and financial traders buying Yuan-denominated swaps to cover short H2 September and H1 October positions.
In Europe, MEG prices drifted despite bullishness in Asia. Contract pricing headed for a double settlement for August and was likely to settle along with an initial settlement for September.
In US, MEG prices were steady despite firm pressure from contract pricing. LyondellBasell plans to increase prices while Huntsman has rolled over its MEG and DEG prices in September.
Courtesy: Weekly PriceWatch Report
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