Asian MEG prices further declined US$18 a ton CFR China and CFR Southeast Asia in the last week of September.
In China, offers for cargoes weakened to US$660 a ton while bonded cargoes were quoted at US$665-670 a ton and talked at US$665 a ton.
Mono ethylene glycol prices fell in Asian markets on thin trading, particularly in China where the markets were close for National Holidays while bearish outlook triggered traders to short-sell.
Downstream, polyester markets are unlikely to plunge in October based on the support from the maintenance of PTA units.
Players will focus on oil markets and end-user demand. However, prices are unlikely to rise on the back of growing supply.
In US, MEG spot fell tracking falling Asian numbers while domestic demand was slightly up amid tight supply. Meanwhile October MEG contracts moved lower. MEG prices were down US cent 1 per pound FOB USG on the week.
In Europe, MEG spot prices remained stable on mixed outlook while downstream prices were on the rise.
Courtesy: Weekly PriceWatch Report
