Asian MEG prices surged US$94 a ton CFR China and CFR South East Asia in the third week of May. In China, offers for nearby-month cargoes climbed US$80 a ton on the week.
Mono ethylene glycol prices in Asian markets declined on weaker futures and traders taking profits early in the week, with both yuan-denominated swaps and US$-denominated spot cargoes trading sharply lower, especially midweek.
In Europe, MEG spot prices moved sideways as suppliers were unwilling to lower prices although demand remained tepid.
In US, spot MEG also moved sideways on the week as USG Coast barge business was heard quiet and steady. The soft demand period is expected to continue through July.
Courtesy: Weekly PriceWatch Report
