Asian MEG markers were down US$18 a ton CFR South East Asia and CFR China in the second week of September. Offers for nearby-month goods were around US$640 a ton, against counter offers of US$630 a ton. MEGlobal nominated contract price for October was up US$20 a ton CFR Asia from September number.
MEG price falls in Asia, up in US and Europe
Asian MEG marker fell US$19 a ton CFR South East Asia in the first week of September. In China, spot offers fell US$20 a ton on the week.
Mono ethylene glycol prices retreated sharply in Asian markets giving back most the previous week’s gains on traders' profit-taking and falling futures. Several traders were heard still buying physical cargoes to cover second-half September and some H1 October physical positions.
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MEG prices surge in Asia, down in Europe
Asian MEG marker touched 20 weeks high by posting a rise of US$27 a ton CFR China and CFR South East Asia in the last week of August. In China, spot offers moved up US$25 a ton on the week.
Mono ethylene glycol prices surged in Asian markets on higher futures and several futures and financial traders buying Yuan-denominated swaps to cover short H2 September and H1 October positions.
In Europe, MEG prices drifted despite bullishness in Asia. Contract pricing headed for a double settlement for August and was likely to settle along with an initial settlement for September.
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MEG price recovers amid firm futures
Asian MEG marker recovered US$24 a ton CFR China and CFR South East Asia in the last week of August. In China, spot offers increased US$10 a ton during the week. Mono ethylene glycol prices in Asian market declined opening the week, but later recovered day on day to post the fourth weekly gain.
Spot rose on firming futures and short covering by several major traders actively buying physical cargoes, particularly during the latter half of the week, to cover H1 and H2 September swap and physical positions.
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MEG price gains on bullish crude
Asian MEG marker gained US$13 a ton CFR China and CFR South East Asia in the third week of Asia. In China, spot offers were up US$10 a ton during the week. MEGlobal nominated Asian contract price for September, flat from last month.
Mono ethylene glycol prices jumped in Asia on bullish crude, futures and persistent short covering by major traders. Several traders were buying cargoes to cover both H1 and H2 September physical positions. In China, MEG market was pulled up midweek by tight spot supplies and continuous rise in crude oil prices.
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MEG price moves up in Asia, stable in Europe
Asian MEG marker rose US$7 a ton CFR China and CFR South East Asia in the second week of August. In China, offers were raised US$8 a ton during the week, and central values followed up as well. However, sellers showed low selling interest.
Mono ethylene glycol prices gained by the late week short-covering activities of major futures traders, as they had oversold when crude was down in past weeks, and were reportedly caught that week by the sudden rebound in crude. In China, MEG prices picked up slightly as tank inventories reduced significantly that week.
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MEG price slips in Asia, up in US
Asian MEG marker edged down US$5 a ton CFR China and CFR South East Asia. Mono ethylene glycol prices slipped in Asian markets on negative outlook and low futures despite seeing some gains weekend. September MEG futures fell on Huaxicun as traders sold H2 August swaps. Shell nominated August MEG Asian contract price flat from July.
In US, MEG contracts rolled over from July to August, typical movements not seen this year while spot prices were assessed up on the week, pushed up upstream cost. US spot MEG prices were up US cent 0.50 per pound on the week.
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MEG price declines in Asia, Europe
Asian MEG prices edged down US$4 a ton CFR China and CFR South East Asia in the last week of July. In China, offers for nearby-month were pegged at US$620-625 a ton, and counter offers were at US$615-620 a ton. Bonded goods and forward-month were US$5 a ton higher over nearby-month goods.
Mono ethylene glycol spot prices and futures declined on profit taking, despite spot cargoes traded up opening the week and peaking on Thursday before retreating by weekend. In China, MEG markets were in fluctuation that week, with domestic and import cargo prices down from previous week.
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MEG price falls on bearish outlook
Asian MEG prices fell US$10 a ton CFR China and CFR South East Asia in the third week of July. In China, offers for nearby-month goods were pegged stable, and counter offers were steady. Bonded goods and forward-month were US$5 a ton higher over nearby-month goods.
Mono ethylene glycol prices in Asian markets fell on bearish outlook and profit taking. Traders sold H1/H2 August swaps as Futures declined on Huaxicun exchange following a brief respite from falling spot prices.
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MEG price remains stable in Asia, up in US
Mono ethylene glycol prices were flat in the second week of July after falling weekend on traders' past short-covering. In China, offers were maintained at US$625-630 a ton, and negotiations and trading values stood at US$620-625 a ton. Several major futures traders had in recent weeks been short selling H2 July and some H1 August swaps and that week were seen covering some of their short positions.
