MEG prices rose in Asia amid rising oil quotes
MOSCOW – Prices of monoethylene glycol (MEG) in the Asian market rose late last week, following an increase in crude oil quotes and expectations of improved demand in the downstream polyester market after the end of the Lunar New Year celebration, ICIS reported.
Thus, the price proposals for the material amounted to USD625-632 per ton, CFR CMP (main ports of China), while the counter-requests of buyers were at the level of USD620-628 per ton, CFR CMP. Monoethylene glycol prices Asia
The negotiation process as a whole was slowed down due to the upcoming celebration of the Lunar New Year in China, which falls on the period from 4 to 10 February.
Despite this, transactions for the volumes of MEG, which should arrive on the market in the second half of February, were nevertheless concluded in the price range indicated above.
MEG along with terephthalic acid (TFA) is one of the main components for the production of polyethylene terephthalate (PET).
According to the ICIS-MRC price review , the spot prices of Russian PET producers at the end of January remained in the range of 99,000-104,000 rubles. per ton, CPT Moscow, including VAT.
Author: Margarita Volkova