MEG prices surge on bullish market sentiments

YarnsandFibers News Bureau 2016-02-10 06:27:43 –

Asian MEG markers gained US$33 a ton CFR China and CFR South East Asia in the last week of January.

In China, discussions and trading price for nearby-month cargoes were between US$570-575 a ton early in the week, which were hiked to US$585-590 a ton midweek, with higher offers for forward-month at US$600-605 a ton.

Mono ethylene glycol prices in Asian markets surged on the week as sentiments turned bullish with news of various plant issues across Taiwan and the Middle East.

Traders with short positions on February cargoes were heard actively buying both H1 and H2 February cargoes.

Taiwan’s Nan Ya Plastics has declared that it will supply only 30% of contract volume to customers in South China for February.

In US, MEG spot inched up from a 6 1/2-year low tracking Asia numbers while producers announced higher, lower prices. US spot was up US cent 1 per pound FOB USG on the week.

European MEG spot fell on lower contract and upstream cost while February contract was settled down on January.

MEG spot fell Euro20 a ton as February contract was settled at Euro700 a ton FD NWE, down Euro45 from January.

Courtesy: Weekly PriceWatch Report

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