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Mono ethylene glycol markets moved down during the week as trading atmosphere in polyester market calmed down notably compared with second week of October.

Sentiment was lackluster on the whole due to drop in demand and poor liquidity.

Under such influence, together with piling inventory and restart of some non-coal-based MEG units that were shut for maintenance, the downward pressure on the markets increased.

However, there are some unfavorable factors from crude oil market and market fundamental and players will be cautious.

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Asian MEG prices further declined US$18 a ton CFR China and CFR Southeast Asia in the last week of September.

In China, offers for cargoes weakened to US$660 a ton while bonded cargoes were quoted at US$665-670 a ton and talked at US$665 a ton.

Mono ethylene glycol prices fell in Asian markets on thin trading, particularly in China where the markets were close for National Holidays while bearish outlook triggered traders to short-sell.

Downstream, polyester markets are unlikely to plunge in October based on the support from the maintenance of PTA units.

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Asian MEG prices declined further by US$30 a ton both CFR China and Southeast Asia. In China, offers for cargoes weakened from US$700 a ton early in the week to about US$670-675 a ton at weekend.

Mono ethylene glycol prices fell on the week in Asian markets on bearish fundamentals amid weak PMI and equity markets in China. Bids and offers were also seen lower.

Downstream, polyester inventory increased again and BGPET chip makers made plans for maintenance since it will welcome a traditional turnaround season in October.

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In the third week of September, Asian MEG prices gave back US$14 a ton both CFR China and Southeast Asia. In China, offers for nearby-month cargoes were at US$705-710 a ton, with counter offers at US$700 a ton, and deals were talks concluded at US$705 a ton.

Mono ethylene glycol prices in Asian markets declined on the week, hit by weak market sentiment amid bearish futures market in China and rising local supplies. Overall demand was weaker although downstream polyester demand was still strong.

Related Keywords: MEG price in China, MEG price in Europe, meg price in US, MEG prices, mono ethylene glycol prices, Polyester prices

In the first week of September, Asian MEG prices edged down US$7 a ton both CFR China and Southeast Asia. In China, offers for nearby-month cargoes were at US$705-710 a ton, and counter offers were at US$695 a ton, with negotiations at US$700 a ton. Mono ethylene glycol prices moved down in Asian markets on bearish outlook and thin trading dragged bids lower. That week saw thin trading as China was on holiday for two days to celebrate Victory Day.

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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.

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Mono ethylene glycol prices in Asian markets declined in the first week of August as traders turned increasingly bearish amid falling crude oil, which depressed prices of polyester feedstock. Markets were spooked further by reports of the huge inventory built up in east China inventory, which was attributed to low operating rates at Chinese polyester industry.

Related Keywords: MEG price in China, MEG price in Europe, meg price in US, MEG prices, mono ethylene glycol prices, Polyester prices

Asian mono ethylene glycol markets were under correction in the week ended 12 June from its earlier bullish week as players were mulling over the waning polyester demand and reduced operating rates at Chinese polyester and PET makers on feedstock PTA spot prices. Polyester markets were depressed on the whole which softened MEG values. Midweek news that Fund Energy (Ningbo) will restart unit as per schedule, MEG value was picked up significantly. However, there was limited interest to seek high-priced cargoes.

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