Asian MEG prices rose US$4 a ton CFR China and CFR South East Asia in the second week of June.
As crude oil prices firmed up early in the week mono ethylene glycol prices in Asian markets were lifted in most actively traded August MEG futures.
Several traders were heard to be short-covering H2 June and July physical positions and picking up some H2 July cargoes. In China, MEG market saw tolerable buying interests for low-priced goods although the market was lackluster due to holidays.
In US, traders did not see much spot as recent rains caused problems for barges. Downstream PET demand remained steady. US spot MEG was assessed stable on the week.
In Europe, MEG demand was moderately balanced amid tight supply while prices remained stable on the week.
Courtesy: Weekly PriceWatch Report
