Asian MEG prices declined further by US$30 a ton both CFR China and Southeast Asia. In China, offers for cargoes weakened from US$700 a ton early in the week to about US$670-675 a ton at weekend.
Mono ethylene glycol prices fell on the week in Asian markets on bearish fundamentals amid weak PMI and equity markets in China. Bids and offers were also seen lower.
Downstream, polyester inventory increased again and BGPET chip makers made plans for maintenance since it will welcome a traditional turnaround season in October.
In US, MEG spot held flat with tight supply and little product was available for export. While October MEG contract prices are expected to decline, spot remained flat on the week.
European MEG prices were stable amid quiet trade.
Courtesy: Weekly PriceWatch Report
