Asian spot MEG declined US$5 a ton CFR China and CFR South East Asia in the second week of August. Major mono-ethylene glycol producer MEGlobal announced its September MEG Asian Contract Price US$50 a ton higher than its August nomination.
Mono ethylene glycol prices in Asia softened under the influence from a decline on the prices of black products in commodity market and the restart of one MEG unit by India’s Reliance. One set of 750,000 tons per year new MEG unit in India started test run that week, and products are expected to be available on about 15 August. Also, China’s Anhui Huaihua Chem restarted its MEG plant with a capacity of 100,000 tons per year.
In Europe, mono-ethylene glycol spot market was steady amid balanced spot availability. European August contract was confirmed at a hike of Euro 25 a ton from July levels.
In US, MEG market was bullish due to good domestic demand during the week.
Courtesy: Weekly PriceWatch Report
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