Import prices of MEG in China increased by 4% -Prices MEG China - Arhive

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MOSCOW ( MRC ) – Spot prices of imported monoethylene glycol (MEG) in China on Wednesday, 7 December rose more than 4% due to the upward trend in the market, waiting to spur deterioration of supply in the near future, the growth of quotations of oil and the need to form stocks, told ICIS , citing sources in the market.

December 7 MEG spot prices in China were estimated at USD825-840 level, CFR CMP (China main port), breaking a new record this year. Thus, in the Monday, December 5 MEG spot prices on the Chinese market were in the range of USD778-788 per tonne CFR CMP.

Prior to this, 2 December MEG spot prices in the region were at the level of USD755-760 per tonne CFR CMP, which, according to of ICIS, was then the highest price mark in 2016.

The market was rumored that one of the major Middle Eastern producers stopped production, which increased buying activity in the market. Improving macroeconomic conditions in China and higher crude oil prices may also support the growth of prices of MEG, say some market participants.

As reported by the MRC, MEG spot prices in Europe continue to rise against the backdrop of deteriorating supply and growth in other markets. In particular, the spot price at the end of last week MEG in Europe increased by EUR20 per tonne to EUR620-640 per ton CIF NWE (northwest Europe).

MEG is one of the main raw materials for the production of polyethylene terephthalate (PET).

According to the price review the MRC-of ICIS , in the current year, growing imports of PET to the Russian market. In January-October, the Russian 90 th. Tons of PET were imported. In comparison with the same period a year earlier, imports grew by 30%. The largest supplier of imported PET in Russia remains a China Yisheng Petrochemical. In the first ten months of the year the company has put on the market 35 thousand. Tonnes of granulate. Deliveries of the Chinese PET produced by Jiangsu Sanfangxiang increased by 26% in the reporting period exceeded 13 thousand. Tonnes.

mrcplast.ru

Author:   Anna Larionov