In US, spot MEG price was stable in the last week of August as Asia rose while demand was slow to steady amid dropping September contract price.
Asian MEG prices rose US$11 a ton CFR China in the last week of August while Southeast Asian price fell US$4 a ton. As oil price, MEG sentiment was pushed up again.
In Europe, initial September contract slumped as upstream and downstream declined. European contract price was down Euro135 a ton FD NWE on August settlement.
Mono ethylene glycol prices rose in the last week of August on short-covering and surging October futures while traders actively sought September spot cargoes. Polyester end users were hesitant to put forward requirement for stocking up before a traditional busy season comes. Thus it is predicted that the run rates of polyester polymer units will rebound slightly and will replenish inventories in a short term amid recovering sentiment.
Courtesy: Weekly PriceWatch Report
