MEG price goes up in Asia while rolls over in US

In US, spot MEG price was stable in the last week of August as Asia rose while demand was slow to steady amid dropping September contract price.

Asian MEG prices rose US$11 a ton CFR China in the last week of August while Southeast Asian price fell US$4 a ton. As oil price, MEG sentiment was pushed up again.

In Europe, initial September contract slumped as upstream and downstream declined. European contract price was down Euro135 a ton FD NWE on August settlement.

Mono ethylene glycol prices rose in the last week of August on short-covering and surging October futures while traders actively sought September spot cargoes. Polyester end users were hesitant to put forward requirement for stocking up before a traditional busy season comes. Thus it is predicted that the run rates of polyester polymer units will rebound slightly and will replenish inventories in a short term amid recovering sentiment.

Courtesy: Weekly PriceWatch Report

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