Asian MEG was cheaper by US$11 a ton CFR South East Asia marker and CFR China in the third week of September. In China, offers were at US$630-35 a ton, changing marginally in the first half of the week and deals were talked and concluded at US$630 a ton. By weekend, buying interest weakened, and central values fell by US$10 a ton.
Mono ethylene glycol prices declined in Asia as some traders reportedly booked profits and wanted to square off positions ahead of the long China National Day holidays beginning from 1 October. Taiwan’s Nan Ya Plastics reduced its MEG contract volume by 30% to its customers in China since early August and will likely maintain the supply cut until September-end.
In Europe, MEG and DEG prices were pegged at par on balanced fundamentals while October may see a slight increase.
In US, spot MEG was steady ahead of TAs while antifreeze demand continued to improve.
Courtesy: Weekly PriceWatch Report
