Asian MEG prices declined US$40 a ton CFR China and CFR South East Asia in the third week of February. Mono ethylene glycol spot prices plunged on traders liquidating positions. Domestic MEG prices in China also plummeted due to major traders beating the market, as they were focused on liquidating their long positions.
In Europe, MEG prices declined on the week as Asian markets softened. European spot MEG prices were down Eur20 a ton FCA NWE on the week.
Asian MEG prices declined US$27 a ton CFR China and CFR South East Asia in the second week of February. Mono ethylene glycol prices fell in Asian markets sending cues to other regions. However, it saw support from tight avails on turnaround as margin sank ending two weeks of steady gains by falling sharply to the lowest level since 21 December 2016.
In China, MEG markets were under fluctuation. Taiwan's Nan Ya Plastics plans to restart its 360,000 a ton a year No. 2 MEG plant in Mailiao early March after annual maintenance.
Asian MEG prices inched up US$5 a ton CFR China and CFR South East Asia marker in the first week of February. Mono ethylene glycol prices were buoyed by both upstream feedstock prices and downstream in Asian markets. Ethylene prices surged US$70 a ton while downstream prices for PET leapt US$30 a ton.
European February MEG contract price settled at an increase of Euro119 a ton FD NWE. Bullish Asian market underpinned European contract price as imports from the Middle East were also lacking.
Asian MEG prices jumped US$35 a ton CFR China and CFR South East Asia in the last week of January. Mono ethylene glycol markets in China extended their gains early that week amid bullish market outlook post-Lunar New Year and concerns about tighter supply in February. Prices were up on the week although the market was quiet as the main Chinese market was off for the Lunar New Year holidays.
In US, MEG spot climbed to a fresh 18-month high as February contracts are expected higher with continued pressure from rising Asian pricing. Spot MEG rose US cent 1.25 per pound on the week.
Asian MEG prices inched up US$2 a ton CFR China and CFR South East Asia marker in the third week of January. Mono ethylene glycol prices inched up in Asian markets despite short supply. However, surge in prices are expected after Lunar New Year holidays. In China, MEG market fluctuated amid lusterless negotiating and trading sentiment.
Asian MEG prices leapt US$16 a ton CFR China and CFR South East Asia in the second week of January. In China, offers for nearby-month goods edged up US$10 a ton amid thin transaction. Meanwhile, MEGlobal nominated its February MEG Asian contract price which was US$40 a ton higher from its January nomination.
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 China, POY offers in Shengze were up US cents 5-6 a kg in the second week of December. In Shengze, 150/96 FDYs offers were up US cents 6 a kg, while 50/24 FDY were up US cents 18 a kg on the week.
Polyester filament yarn markets rallied significantly in China and India taking cue also saw prices rise in domestic market. With both crude oil and PTA futures rallying and MEG surging PFY makers maintained offers stable to firm though spot trades slowed down from later in the week.
Asian MEG prices surged US$84 a ton CFR China and CFR South East Asia in the second week of December. Mono ethylene glycol prices moved up rapidly opening the week only to softened somewhat later in the week.
In China, OPEC’s agreement on oil product cut influenced MEG futures on Monday and spot values were pulled up. Later, the price rise dwindled, and sentiment weakened by mid-week. With US FED raising interest rate, MEG values moved up gradually.
Asian MEG prices surged US$84 a ton CFR China and CFR South East Asia in the first week of December. Mono ethylene glycol prices surged dramatically in Asian markets on bullish futures and year-end rally also influencing prices in other regions.
Traders traded up swap and physical positions daily, buying up H2 December and H1 January swaps, as well as prompt physical cargoes for both H2 December and H1 January loading. Lifted by the bullish paper swaps, prompt physical MEG prices surged.
