Asian MEG prices edged down US$12 a ton CFR China and CFR South East Asia in the last week of May. In China, offers for nearby-month cargoes fell US$25 a ton amid moderate transaction.
Mono ethylene glycol prices declined in Asian markets on falling feedstock costs and amid quiet trading early in the week as China, Hong Kong and Taiwan were closed for public holidays. Prices had surged midweek after opened with a little strength in MEG futures and spot discussions were between hitting a high. MEGlobal reduced its June contract price reflecting the short-term supply/demand situation in the market.
In US, MEGlobal rolled its benchmark surprising the market. Meanwhile spot barge trade remained thin and prices held flat on the week.
European MEG prices were stable on the week as Asian prices softened and June initial contract price was settled.
Courtesy: Weekly PriceWatch Report
