Mono ethylene glycol prices declined sharply by 4% opening the third week of June on weak demand and Futures in China opening with a big drop following a limit down. However, prices recovered later but still posted a weekly fall. Prices may come under pressure in H2 of 2017 amid increased spot cargo availability, with the expected doubling of capacity in India.
European MEG spot prices were stable-to-soft as demand was deemed fairly flat for most part of the week. Hot weather across most of Europe may induce demand for MEG, also used in coolants.
In US, MEG contract prices for June were assessed at a rollover from May due to steady markets amid soft demand. In US, US spot MEG rose US cent 1 per pound FOB USG.
Courtesy: Weekly PriceWatch Report
