Asian MEG marker fell US$19 a ton CFR South East Asia in the first week of September. In China, spot offers fell US$20 a ton on the week.
Mono ethylene glycol prices retreated sharply in Asian markets giving back most the previous week’s gains on traders’ profit-taking and falling futures. Several traders were heard still buying physical cargoes to cover second-half September and some H1 October physical positions.
In China, MEG prices values fluctuated along a weak trend with first half of the remaining unchanged though inventories continued to grow. After the G20 summit, polyester producers resumed operation but demand for MEG did not emerge.
In US, spot MEG prices inched up on higher feedstock cost. Spot MEG prices were up US cent 0.25 per pound on the week.
European MEG slightly rose following increase in September contracts. European MEG spot prices rose Euro2 a ton FCA NEW on the week.
Courtesy: Weekly PriceWatch Report
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