Asian MEG prices declined by US$15 a ton CFR China and CFR South East Asia in the last week of March. Mono ethylene glycol market in Asia sobered opening the week but was under recovery later together with a range-bound trend.
In China, MEG prices dropped at first and then rose somewhat that week. At the beginning of that week, domestic prices kept declining and in the second half of the week, markets rebounded slightly in line other Asian markets. Overall inventory with downstream was at a high level at present and some players bought a few volumes before the Tomb-sweeping Day.
In US, MEG market was facing downward pricing pressure heading into April as not many buyers were not buying. US spot MEG edged further lower by US cent 1 per pound FOB USG on the week.
In Europe, MEG spot prices soften amid quiet conditions and weak demand. Spot truck prices fell Euro30 a ton FCA NEW on the week.
Courtesy: Weekly PriceWatch Report
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