Mono ethylene glycol prices were flat in the second week of July after falling weekend on traders’ past short-covering. In China, offers were maintained at US$625-630 a ton, and negotiations and trading values stood at US$620-625 a ton. Several major futures traders had in recent weeks been short selling H2 July and some H1 August swaps and that week were seen covering some of their short positions.
In US, MEG spot firmed ahead of turnarounds while traders stated that spot product was available, though there was some competition for available goods. Spot MEG price were up US cent 0.50 per pound on the week.
In Europe, MEG spot was stable and demand may rise in coming weeks.
Courtesy: Weekly PriceWatch Report
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