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.
In Europe, MEG truck prices were lower on the week tracking weak Asian markets and soft domestic downstream and upstream markets. European MEG truck prices were assessed Euro20 lower a ton FCA NEW on the week.
In US, MEG markets resisted hike in spot ethylene amid thin activity, which followed a postponed turnaround of Huntsman’s ethylene oxide plant in Texas, until H2 2017.
Courtesy: Weekly PriceWatch Report
