MEG Europe Monoethylene Glycol Price

MEG Europe Monoethylene Glycol

MEG spot price range in Europe narrowed to EUR475-500 per ton

MEG Europe Monoethylene Glycol

MOSCOW – The spot price range of monoethylene glycol (MEG) in Europe has narrowed to EUR475-500 per tonne, CIF NWE, ICIS reports.

After a limited supply period at the beginning of the month on the European market for monoethylene glycol (MEG), spot supply increased by the end of January.

This year, consumers have reduced contract volumes and, in some cases, have chosen spot agreements. This led to expectations of increased liquidity in the European spot market. In early January, prices rose, as the increase in demand coincided with delays in imports.

Several sellers participated in a spot tender, which ended in the week ending January 24, but activity was lower than expected, as buyers took a wait and see attitude.

Imports continue to come from the United States, and several players regularly supply materials.MEG Europe Monoethylene Glycol

The Asian market is calm due to Lunar New Year celebrations, and prices have fallen this week due to lower demand. Despite the reduction in price differences between Europe and Asia, sales to Asia remain more profitable than Europe. Although the extended Lunar New Year holidays due to the coronavirus can affect the demand abroad.

Prices in southern Europe were higher than in the north, with price levels in Spain and Italy being around EUR520-530 per tonne, FCA.MEG Europe Monoethylene Glycol

MEG, along with terephthalic acid (TFA), is one of the main raw materials for the production of polyethylene terephthalate (PET).

According to ScanPlast of Market Report, the estimated PET consumption in December 2019 decreased by 16% compared to the previous year. In total, according to the results of 2019, the total estimated consumption in Russia increased by 1% and amounted to 696.81 thousand tons of PET (690.13 thousand tons in 2018).

mrcplast.ru

Author:Anna Larionova

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