Mono ethylene glycol prices declined in Asian and US markets while they were flat in Europe in the first week of May.
Asian MEG markers declined US$18 a ton the CFR China and CFR South East Asia in the first week of May. In China, central offers dropped gradually during the week.
In Asia, MEG market weakened somewhat and downstream polyester makers resisted to replenish raw material, as there were signs of commodities and crude oil to retreat.
The most actively traded June MEG futures contract on the Huaxicun Commodity Exchange fell from Monday to Friday.
European MEG spot prices were flat on the week in subdued markets due to European holidays while DEG remained stable.
US spot MEG was down amid balanced supply despite with ongoing TAs. US spot was down by another US cent 0.5 per pound USG on the week. Domestic contracts also moved lower for May. It is likely that MEG markets will get strong support at low prices.
Courtesy: Weekly PriceWatch Report
