Asian MEG markers fell US$4 a ton CFR China in the last week of March. In China, offers for nearby-month goods fell to US$700 a ton, and trading values softened to US$695-700 a ton.
Mono ethylene glycol prices fell on the week on profit taking and weak futures. MEG prices have been climbing since early February and early week had stayed firm over US$700 a ton CFR China.
Most traders wanted to close out their positions and take profits to hedge against a likely correction in prices.
In US, MEG April contracts increased as supply is expected to remain tight due to maintenance. Feedstock gains from previous week supported contract to rise while spot MEG was flat from last week.
In Europe, MEG spot was stable on the week amid mute trading. April contract was initially settled and was up Euro84 a ton from March.
Courtesy: Weekly PriceWatch Report
