In the second week of December, Asian MEG markers edged up US$4 weekend but fell US$13 a ton CFR China on the week.
Mono ethylene glycol prices edged up weekend on late short-covering by traders due to plant issues at Shell and Nan Ya Plastics.
However, prices were down on the week as crude oil prices retreated significantly while commodity markets were severely bearish this week. Polyester makers were at new lows.
MEGlobal nominated contract price for January 2016 at US$720 a ton CFR Asia, down US$70 from December while SABIC nominated its contract at US$730 a ton CFR, down US$40 from December 2015.
In US, MEG spot fell to six-year low as supply improved following turnarounds. Pricing may see downward pressure.
MEG spot declined US cent 1 from last week to US cents 31.00 per pound FD USG.
European MEG prices tumbled further as buy interest thinned ahead of holidays and supply increased with the return of all production facilities after outages and force majeure.
Spot price tumbled Euro50 on the week to Euro800 a ton FCA NWE and Euro760 a ton CIF NWE.
Courtesy: Weekly PriceWatch Report
