Asian MEG prices gained US$27 a ton CFR China and CFR South East Asia in the last week of November. In China, negotiations edged down during the week.
Mono ethylene glycol prices surged in Asian markets on bullish crude futures and short covering. In China, MEG market walked in weakness opening the week but midweek’s surge in crude oil values saw favorable influence on MEG futures and spot climbed up continuously.
In Europe MEG price rose marginally on Asian exports while domestic material availability tightened. December MEG contract price was initially settled at a rollover month on month. European MEG price rose US$10 a ton FCA NWE buoyed by a rise in Asian prices.
In US, MEG prices were held at seven-month high as December contract levels increases on rising Asia attracted attention.
Courtesy: Weekly PriceWatch Report
