MEG prices plunge in Asia, up in Europe

In the first week of January, Asian MEG prices plunged US$49 a ton CFR China and CFR South East Asia or 5 per cent week on week.

Mono ethylene glycol prices plunged like it surged in the last week of December as demand fell closer to Lunar New Year amid high operating rates at MEG plants that produced excessively. Prices were also influenced by broader decrease in raw material cost.

In Europe, spot and January contract price jumped on Asian strength. MEG January contract price jumped Euro150 a ton while spot MEG FCA NWE offers surged during the week.

In US, MEG was assessed up from December 16 as the previous two weeks were in observance of year-end holidays. US MEG was up US cents 2 per pound from mid December.

MEG prices will continue to weaken in Asia in coming weeks due to the expectation of cutbacks in polyester during the Spring Festival holiday and under the influence from significant Yuan appreciation.

Courtesy: Weekly PriceWatch Report

Recent Posts

Nylon or polyamide markets move up amid modest demand

In May 2020, nylon filament yarn prices were talked up amid climbing prices in the upstream CPL and nylon chip…

4 years ago

Polyester fiber, yarn prices firmer amid a rebound in PTA and MEG markets

In May 2020, polyester filament yarn prices recovered in China supported by higher prices in the polyester staple fibre markets.

4 years ago

Viscose or rayon markets continue to weaken in Asia

Viscose staple fibre prices in April were mostly down in the Asian markets of China, India, and Pakistan. In China,…

4 years ago

Acrylic fiber prices slip amid low acrylonitrile and propylene costs

Feedstock, propylene prices in Asia fell in April amid historic lows in the crude oil and naphtha markets that month.…

4 years ago

Nylon or polyamide markets slump on lackluster sentiment

Nylon or polyamide chip markets slumped in March amid weakening prices in the raw material CPL markets while downstream buying…

5 years ago

Polyester prices nosedive to multi-year lows across the world

In March 2020, polyester staple fiber (PSF) prices declined month-on-month in China as demand was weak and supply was abundant.…

5 years ago