Asian MEG prices surged US$18 a ton CFR China and CFR South East Asia in the last week of October. In China, trading values surged US$10 a ton on the week.
Mono ethylene spot prices in Asia surged week on week to six-month highs as import pricing surged nearly 10% since late September. In China, MEG market fluctuated following an uptrend that week driven by PTA futures initially, and then softened due to sustained drop in crude oil prices. Later MEG market fluctuated upward and rebounded by weekend.
European MEG markets shrugged off Asian rise and prices were flat on steady fundamentals.
In US, MEG traders monitored rising Asian prices and spot was steady as anti-freeze season nears. Participants also gauged higher China prices.
Courtesy: Weekly PriceWatch Report
