Asian MEG markers were up US$37 a ton CFR China and CFR South East Asia in the third week of February.
In China, offers jumped straight to US$660 a ton, and bids followed up to about US$630 a ton.
Mono ethylene glycol prices jumped notably after the holiday buoyed by the restocking requirement in Asian markets and recovering from a downward trend during the holidays.
Downstream polyester run rate also picked up, and together with an unexpected shutdown for five PTA units, the overall polyester market warmed up. Although offers jumped and bids followed up, buyers were not interested in seeking high-priced goods.
In Europe, MEG prices were up on the week following the uptick in Asian prices. European MEG prices were up Euro15 a ton FCA NEW during the week.
In US, MEG price inched up on expectation of demand rebounding in March. Reportedly, global demand for MEG is likely to increase 4-5% in 2016, stated MEGlobal official. US Spot MEG was also up US cents 5 per pound FOB USG on the week.
Courtesy: Weekly PriceWatch Report
