Asian MEG markers surged US$18 a ton CFR China and CFR South East Asia in the first week of March posting a rise of US$36 on the month.
In China, offers were pushed above US$700 a ton, while buyers showed low interest to buy goods priced at above US$680 a ton.
Mono ethylene glycol market sentiment turned bullish and prices surged early in the week on news of continuing plant issues across China, Taiwan and the Middle East.
Players who had taken short positions on H2 March and H1 April cargoes were heard to be actively buying cargoes for both laycan. Weekend saw further surge in prices on rally in crude oil markets.
In Europe, MEG prices rose on short supply and global tightness. March contract price was fully settled up on the month. European MEG spot price rose Euro40 a ton FCA NEW on the week amid limited availability. Meanwhile, March contract price was up Euro11 a ton for February.
In US too, MEG spot increased on tighter supply and sentiment was bullish heading into Q2. Spot MEG gained US cents 1.50 per pound FOB USG during the week.
Courtesy: Weekly PriceWatch Report
