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.
MEG price edges up amid growing buying interest in Asia
Asian spot MEG inched up US$5 a ton CFR China and CFR South East Asia in the first week of August. In China, offers for nearby-month cargoes rebounded during the week. Mono ethylene glycol prices in Asia were firm amid moderate transactions with buying interest for low-priced goods growing somewhat. However, prices weakened by the end of the week while transaction of forward-month cargoes was moderate.
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MEG price moves up in Asia
Asian spot MEG regained US$22 a ton CFR China and CFR South East Asia in the last week of June. In China, offers for nearby-month cargoes were up US$25 a ton on the week.
Mono ethylene glycol prices moved up early in the week in Asian markets but weakened after midweek and started to fluctuate in a narrow range as trading sentiment was good in early week, and stagnated in the second half. Transaction for August deliveries was thin, and prices were lower than spot values.
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MEG price tumbles on weak demand in Asia
Mono ethylene glycol prices declined sharply by 4% opening the third week of June on weak demand and Futures in China opening with a big drop following a limit down. However, prices recovered later but still posted a weekly fall. Prices may come under pressure in H2 of 2017 amid increased spot cargo availability, with the expected doubling of capacity in India.
European MEG spot prices were stable-to-soft as demand was deemed fairly flat for most part of the week. Hot weather across most of Europe may induce demand for MEG, also used in coolants.
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MEG price climbs in Asia
Asian MEG prices jumped US$32 a ton CFR China and CFR South East Asia in the first week of June. In China, offers for nearby-month cargoes surged amid moderate transaction.
Mono ethylene glycol prices soared in Asian markets, rising day on day through the week as sentiment turned bullish with Chinese government increasing money supply in the market. Downstream demand from polyester manufacturers was also healthy.
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MEG price edges down on tumbling feedstock costs
Asian MEG prices edged down US$12 a ton CFR China and CFR South East Asia in the last week of May. In China, offers for nearby-month cargoes fell US$25 a ton amid moderate transaction.
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MEG price slips in Asia, US
Asian MEG prices slipped US$17 a ton CFR China and CFR South East Asia marker in the fourth week of May. Mono ethylene glycol prices slid in Asian markets on active trading and fall in feedstock ethylene cost for past few weeks.
Imports declined in April in China, indicating weak demand in the region despite Sinopec Yangzi Petrochemical shutting its 300,000 ton a year MEG plant at Nanjing for maintenance.
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MEG price moves up in Asia
Asian MEG prices surged US$94 a ton CFR China and CFR South East Asia in the third week of May. In China, offers for nearby-month cargoes climbed US$80 a ton on the week.
Mono ethylene glycol prices in Asian markets declined on weaker futures and traders taking profits early in the week, with both yuan-denominated swaps and US$-denominated spot cargoes trading sharply lower, especially midweek.
In Europe, MEG spot prices moved sideways as suppliers were unwilling to lower prices although demand remained tepid.
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MEG price moves down on weak futures
Asian MEG prices fell US$21 a ton CFR China and CFR South East Asia in the second week of May. Mono ethylene glycol prices in Asian markets declined on weaker futures and traders taking profits early in the week, with both yuan-denominated swaps and US$ -denominated spot cargoes trading sharply lower, especially midweek. In China, MEG market declined in weakness that week and offers moved down all along and rebounded slightly later.
In Europe, MEG spot prices moved sideways as suppliers were unwilling to lower prices although demand remained tepid.
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MEG price jumps on incremental demand
Asian MEG prices inched up US$3 a ton CFR China and CFR South East Asia marker in the first week of May. Mono ethylene glycol prices inched up on incremental demand in China as polyester plants are set to restart. Falling crude and stable ethylene also supported MEG markets.
In China, market fundamental improved in a limited room and fluctuated in a small range that week, but will continue to fluctuate in the coming week as more MEG units will be shut for maintenance.
