Sinopec raised April MEG prices in East China by CNY500 per tonne – China China Petroleum & Chemical Corp. (Sinopec), the largest oil refining company in Asia, on April 17 raised the selling prices of monoethylene glycol (MEG) in the eastern regions of China by 500 yuan (CNY) or USD80 per ton compared to the March level – Sinopec April MEG prices East China - Arhive

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Sinopec raised April MEG prices in East China by CNY500 per tonne

MOSCOW – China China Petroleum & Chemical Corp. (Sinopec), the largest oil refining company in Asia, on April 17 raised the selling prices of monoethylene glycol (MEG) in the eastern regions of China by 500 yuan (CNY) or USD80 per ton compared to the March level, ICIS source in the company said.

Thus, now the April prices of the company’s MEG in East China are set at CNY8,500 or USD1,354 per tonne.

Sinopec raised MEG prices in line with an upward price trend in the spot market, the source said.

Thus, spot prices of MEG in China rose this week and on April 17 were in the range CNY8,460-8,620 or USD1,347-1,373 per tonne, ex-tank (ex-tank), compared to CNY8,200-8,480 or USD1 306-1 350 per ton, ex-tank, on the 13th of April.

The company manages four MEG plants with a total capacity of 1.84 million tons per year.

Earlier it was noted that Sinopec on March 9 lowered the selling prices of MEG in the east of China by CNY500 or USD79 per tonne compared to the previous level – to CNY8,000 or USD1,262 per ton.

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

According to the Price Review of ICIS-MRC , the situation on the Russian market of bottled PET changed last week. The sharp depreciation of the ruble against the dollar and the euro, which began on Monday, April 9, led to a rapid increase in the spot prices of injection molded PET granules. Producers react swiftly to the exchange rate fluctuations in connection with the dollar component in the cost of raw components for the production of PET granules.

Sinopec Corp. is one of the world’s largest integrated energy and chemical companies. Business Sinopec Corp. includes oil and gas exploration, production and transportation of oil and gas, refining, petrochemical production, production of mineral fertilizers and other chemical products. By the volume of oil processing capacities of Sinopec Corp. occupies the second place in the world, the volume of ethylene capacity – the fourth.

mrcplast.ru

Author:                Margarita Volkova

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