Asian MEG prices rose US$7 a ton CFR China and CFR South East Asia in the first week of June.
In China, offers were generally in the range of US$605‐610 a ton while physical spot cargoes were traded at US$603 a ton CFR China from week’s open to US$608-611 a ton.
Mono ethylene glycol prices partially regained previous week’s loss in Asian markets on firm futures and traders' short-covering.
Markets were also buoyed by the late week buying interest as well as other large Chinese futures traders covering their positions.
The European MEG was up on the week tracking an increase in the initial June contract was settled up Euro25 a ton month-on-month and firmer feedstock. Fundamentals were however, heard mixed. European MEG truck prices were up Euro10 a ton FCA NWE on the week.
US spot MEG was assessed flat on the week. MEGlobal lowered its June North American MEG benchmark by US cents 2 per pound.
Reports indicated that Europe was an option for US sellers looking to export, but Asia remained unworkable.
Courtesy: Weekly PriceWatch Report
