MEGlobal Monoethylene Glycol April MEG contract - Arhive

MEGlobal Monoethylene Glycol April

MEGlobal lowers April MEG contract price in Asia by USD40 per ton

MEGlobal Monoethylene Glycol April

MOSCOW – MEGlobal, the world leader in the production of monoethylene glycol (MEG) and diethylene glycol (DG), nominated the April MEG contract price for Asia at USD640 per tonne, which is USD40 per tonne lower than March, the press said. company service.

The price was announced on terms of delivery CFR Asia.

Weekly MEG quotes in Asia last week fell 8.14% to the range of USD468-480 per tonne, CFR CMP (main ports of China) after falling crude oil quotes and exacerbating concerns about the slowdown in global demand caused by the outbreak of coronavirus.

It was previously noted that MEGlobal reduced the March MEG contract price for Asia by USD60 per tonne compared to the previous month – to USD680 per tonne, CFR Asia.

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

According to the ICIS-MRC Price Review , last week the influence of two opposing trends on the Russian market sharply increased. MEGlobal Monoethylene Glycol April

On the one hand, a sharp increase in the dollar against the ruble puts upward pressure on the value of Russian PET. On the other hand, a decline in Asian quotes has a downward effect; prices dipped last week.

Headquartered in Dubai (UAE), MEGlobal is the world leader in the production of monoethylene glycol (MEG) and diethylene glycol (DG). Established in July 2004, MEGlobal currently sells more than 2.5 million tons of DG per year worldwide.

DG is used as a raw material for the production of polyester fibers (clothing and other textile products), polyethylene terephthalate (PET), antifreeze and other industrial products.

MEGlobal is a 100% subsidiary of Equate Petrochemical Company. In December 2015, Dow Chemical closed a deal to sell its stake in MEGlobal to Equate Petrochemical Company as part of a strategy to optimize its equity stake in Kuwaiti joint ventures.

Author:Margarita Volkova

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