Asian MEG price rose US$2 a ton CFR China and CFR South East Asia in the second week of October. In China, trading values surged US$10 a ton on the week.
Mono ethylene glycol prices in Asian markets were relatively steady amid stable fundamentals and supply demand seen balanced. There were many favorable factors that week in Asian MEG markets, including significantly rise in crude oil values, reducing inventories, healthy run rates of downstream polyester units and rumours about problems on Shell Singapore’s unit.
In US, MEG spot dipped slightly while MEGlobal announced price increase for November. Spot MEG prices dropped US cent 0.50 per pound on the week. September contract price was fully settled which was up US cent 0.50 per pound.
In Europe, MEG prices were flat in quiet market following the rollover in the October contract price and modest demand. DEG prices were also stable.
Courtesy: Weekly PriceWatch Report
