Asian MEG prices inched up US$5 a ton CFR China and CFR South East Asia marker in the first week of February. Mono ethylene glycol prices were buoyed by both upstream feedstock prices and downstream in Asian markets. Ethylene prices surged US$70 a ton while downstream prices for PET leapt US$30 a ton.
European February MEG contract price settled at an increase of Euro119 a ton FD NWE. Bullish Asian market underpinned European contract price as imports from the Middle East were also lacking.
In US, initial indications are that MEG and DEG price increases will hold this month as supply is likely to remain tight. Meanwhile, MEG spot reached a fresh 19-month high with pricing remaining on an upward trend following a strong Asian market. US spot monoethylene glycol reached a fresh 19-month which was up US cent 1.25 per pound FOB USG from last week.
Courtesy: Weekly PriceWatch Report
