Asian MEG markers declined US$15 a ton CFR China while CFR South East Asia in the second week of May. Mono ethylene glycol prices were range bound at low levels that week, with prices down from previous week.
Despite the rally in crude oil, PTA futures softened and MEG prices generally went ranged bound following the slump opening the week.
Reports were heard of aggressive selling of swaps by several large futures traders on the Huaxicun Commodity Exchange, as well as selling of physical cargoes through the week.
In US, activity remained thin on MEG markets and spot was stable amid limited supply while downstream demand from PET increased.
European MEG market was stable on uncertainty and bullish possibilities.
Courtesy: Weekly PriceWatch Report
