MEGlobal to raise North American Aug MEG contract price by 2 cents/lb: sources – MEGlobal North American MEG

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MEGlobal to raise North American Aug MEG contract price by 2 cents/lb: sources

Houston (Platts)

MEGlobal plans to increase its North American monoethylene glycol benchmark price for August by 2 cents to 46 cents/lb, sources said Friday.

MEGlobal North American MEG This comes after MEGlobal also increased its July contract price by the same amount compared with June.

The company was not available for comment Friday.

US spot MEG pricing was assessed Friday at 34-35 cents/lb FOB USG, flat week on week, as pricing indications were heard at the assessed range, with no deals or firm bids or offers heard this past week.

MEGlobal nominated its August MEG Asia Contract Price at $980/mt CFR Asia, up $70/mt compared with July, according to a letter to customers seen by S&P Global Platts Wednesday.

Asian MEG was assessed Friday at $850/mt CFR China, an increase of $33/mt week on week, Platts data show.

The July US MEG contract price was assessed at 38.70-39.20 cents/lb, up 2.50 cents compared with June.

The contract assessment was based on a weighted formula that discounts the North American benchmark price by 15% and the Asian contract price average by 5%, with each segment equally weighted.

–Anthony Garcia, anthony.garcia1@spglobal.com

–Edited by Keiron Greenhalgh, keiron.greenhalgh@spglobal.com