Asian MEG prices declined US$52 a ton CFR China and CFR South East Asia in the first week of March. In China, prices moved down US$70 a ton early in the week, and remained range-later in the week.
Mono ethylene glycol prices dived in Asian markets on urgent sales with sellers lowering offers to avoid incurring port costs. In China, port inventories continued to swell while supply in domestic market was abundant that week. Feedstock ethylene also plunged easing cost support to MEG.
In Europe, MEG prices also fell as demand softened and March contract price settling at a rollover, certainly ending the huge price increases. European spot MEG prices were Euro50 a ton on the week.
In US, MEG prices retreated from their 21-month. The decline pushed the assessment of its highest level since 2 July 2015. MEG was down US cents 1.50 cents per pound FOB USG on the week.
Courtesy: Weekly PriceWatch Report
