Asian MEG prices inched up US$2 a ton CFR China and CFR South East Asia marker in the third week of January. Mono ethylene glycol prices inched up in Asian markets despite short supply. However, surge in prices are expected after Lunar New Year holidays. In China, MEG market fluctuated amid lusterless negotiating and trading sentiment.
In US, MEG spot firmed up following higher Asia and the assessment marked the highest level since the same point in July 2015. Meanwhile MEGlobal intends to increase its North American benchmark for MEG for February. US MEG was up US cent 0.50 per pound FOB USG on the week. MEGlobal is set to increase its February North American benchmark for MEG by US cents 3 per pound.
European MEG prices continued as availability continued to remain tight. European MEG prices climbed Euro50 a ton FCA NWE on the week.
Courtesy: Weekly PriceWatch Report
