Asian MEG prices fell US$4 a ton CFR China and South East Asia in the first week of December.
In China, MEG prices fluctuated in the range of US$560-565 a ton. However, as news that Saudi Arabia did not cut down oil production trickled in, discussions and trading values of MEG cargoes softened to US$550-555 a ton.
Mono ethylene glycol prices fell on lower MEG futures and short-selling by traders. In China, February MEG futures fell from Monday as bearish sentiment drags bids lower.
In US, spot MEG were down on improved spot supply and tracking lower global prices. Prices were down US cents 0.5 per pound FD USG.
In Europe, MEG spot price fell on the week on greater availability and as market lengthened.
The Northwest European MEG spot price fell Euro100 a ton FCA NWE on the week.
December contract reportedly settled initially at a decrease.
Overall, both cost and demand/supply fundamental are unable to provide notable momentum for MEG market to rebound.
Courtesy: Weekly PriceWatch Report
