Asian MEG prices jumped US$35 a ton CFR China and CFR South East Asia in the last week of January. Mono ethylene glycol markets in China extended their gains early that week amid bullish market outlook post-Lunar New Year and concerns about tighter supply in February. Prices were up on the week although the market was quiet as the main Chinese market was off for the Lunar New Year holidays.
In US, MEG spot climbed to a fresh 18-month high as February contracts are expected higher with continued pressure from rising Asian pricing. Spot MEG rose US cent 1.25 per pound on the week.
In Europe, MEG and DEG markets saw some firmer sentiment, but prices were not reacting to usual drivers as severely as expected due to mute end of year conditions. MEG spot prices climbed as bullish ethylene contributed to the increase. European MEG prices rose Euro30 a ton FCA NEW on the week.
Courtesy: Weekly PriceWatch Report
