MEG prices Asia Chinese economy
MEG spot prices in Asia plummeted amid a weakening Chinese economy MEG prices Asia Chinese economy
MOSCOW – Spot import prices of monoethylene glycol (MEG) in Asia fell in the first week of January, continuing the downward trend from December 2018 amid the economic downturn in China’s key market, ICIS reported. MEG prices Asia Chinese economy
Sales on the downstream polyester market were low, which further lowered MEG prices.
On January 2, MEG’s price proposals and deals were in the range of USD622-625 per tonne, CFR CMP (main port of China). MEG prices Asia Chinese economy
Meanwhile, the spot prices of MEG, according to ICIS, on December 21, 2018 were USD660-665 per ton, CFR CMP.
The official Chinese industry growth index (PMI) in December fell to 49.4, which was the first decline in the last two and a half years.
The PMI is a barometer of the economic activity of the economy, where a value above 50 means growth, and below 50 a decrease.
MEG is one of the main raw materials for the production of polyethylene terephthalate (PET). MEG prices Asia Chinese economy
According to the ICIS-MRC Price Review , at the end of last year, the trend in the Russian PET market has changed, and the cost of the material continued to decline in early 2019. A sharp drop in the oil market puts pressure on Chinese PET-granulate quotes and its raw materials. MEG prices Asia Chinese economy
Author: Margarita Volkova