Asian MEG prices declined US$40 a ton CFR China and CFR South East Asia in the third week of February. Mono ethylene glycol spot prices plunged on traders liquidating positions. Domestic MEG prices in China also plummeted due to major traders beating the market, as they were focused on liquidating their long positions.
In Europe, MEG prices declined on the week as Asian markets softened. European spot MEG prices were down Eur20 a ton FCA NWE on the week.
In US, MEGlobal raised North American benchmark while spot was relatively stable during the week amid stagnant fundamentals ultimately holding firm price at levels. Indorama Ventures will shut its MEG plant in Texas on 25 for a routine maintenance and repair.
Courtesy: Weekly PriceWatch Report
