Asian MEG prices fell US$17 a ton CFR China and CFR South East Asia in the third week of November.
In China, values fell to US$550-555 a ton in the first half of the week, and later surged by US$5-10 in line with rebounding crude oil values.
In the H2 of the week, prices were corrected to below US$570 a ton.
Mono ethylene glycol prices declined in Asian markets on negative outlook and surplus stock, triggering short-selling.
No support is expected from cost or demand side, with expectation of lower run rates at downstream polyester plants.
In Europe, the recent surge in MEG prices came to an end as market activity slackened amid limited availability and buyers' hopes that prices will ease. European MEG spot prices rolled over on the week.
In US, MEG spot was flat in shortened week while supply remained limited. Sentiment turned bearish amid a thin trade ahead of the Thanksgiving holiday.
Courtesy: Weekly PriceWatch Report
