Asian MEG prices surged US$14 a ton CFR China and CFR South East Asia in the last week of June. In China, offers inched up and discussions followed up to above US$620 a ton.
Mono ethylene glycol prices jumped in Asian markets driven by active short covering and climbing to 1-month high mid-week. However, prices fell on weekend but cooled off after Brexit vote. In China, the market was under fluctuation before the Brexit referendum result.
In Europe, MEG prices were flat in mute market while contract price remained unsettled as uncertainty prevailed.
In US, MEG June price was expected to remain flat while July business was close to being completed. However, no confirmed deals were heard, but multiple reports talked pricing stable. While spot supply has shown some signs of tightness, demand to export material has not been picking up. US spot MEG fell US cent 0.75 per pound FOB USG, stable week on week.
Courtesy: Weekly PriceWatch Report
