Asian MEG marker rose US$7 a ton CFR China and CFR South East Asia in the second week of August. In China, offers were raised US$8 a ton during the week, and central values followed up as well. However, sellers showed low selling interest.
Mono ethylene glycol prices gained by the late week short-covering activities of major futures traders, as they had oversold when crude was down in past weeks, and were reportedly caught that week by the sudden rebound in crude. In China, MEG prices picked up slightly as tank inventories reduced significantly that week.
In Europe, spot prices remained unchanged brushing off an uptick in Asian prices, as the summer lull continued. August contract prices is yet to fully settle. MEG truck prices rolled over on the week.
In US, MEG storage and limited spot activity weighed down spot prices while MEGlobal was heard anticipating rollover. US spot MEG prices were down US cent 1 per pound on the week.
Courtesy: Weekly PriceWatch Report
