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.
In US, MEG spot climbed to one-year high and little December material was available. Spot MEG gained US cent 1 per pound on the week.
European MEG prices rose for the second consecutive week, spurred by a rise in Asian prices and limited domestic supply. European MEG prices were up Euro10 a ton FCA NEW on the week.
Courtesy: Weekly PriceWatch Report
