Asian MEG prices partially regained US$8 a ton CFR China and CFR South East in the first week of April. In China, offers for nearby-month cargoes surged up US$10 on the week.
Mono ethylene glycol prices in Asian markets partially regained previous week’s loss as downstream demand was seen improving. In China, domestic MEG prices also followed suit, inching up week on week as downstream demand from polyester factories helped bolster buying activity. Prices fluctuated upward early in the week and then fell somewhat at weekend.
European MEG spot prices fell as demand continued to soften. April contract price was also settled down on the month. Spot prices fell Euro40 a ton FCA NWE while April contract price settled down Euro90 on the month.
In US, MEG spot downside continued for the third successive week as buyers demanded cost at China’s netback. Meanwhile, supply will tighten amid many turnarounds. US spot MEG edged further down by US cent 1 per pound FOB USG.
Courtesy: Weekly PriceWatch Report
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