MEGlobal price monoethyleneglycol Asia
MEGlobal raises the April contract price of MEG in Asia by USD10 per ton
MEGlobal, the world leader in the production of monoethylene glycol (MEG) and diethylene glycol (DG), nominated the MEG April contract price for Asia at USD840 per tonne, which is USD10 per tonne higher than in March, an ICIS source said the company.
The price was named on the terms of delivery CFR Asia.
The MEG spot prices rose after polyester sales rose in March following the return of buyers to the market after a long Chinese New Year.MEGlobal price monoethyleneglycol Asia
The recent announcement of a reduction in value-added tax (VAT) in China also strengthened confidence in the further growth of domestic consumption in China, which subsequently led to an increase in prices for petrochemical futures, including MEG, in China. Lunar New Year, which falls on February 5, 2019, is celebrated in most parts of Southeast and Northeast Asia. China celebrated this holiday for a whole week – from 4 to 10 February.MEGlobal price monoethyleneglycol Asia
Earlier, it was noted that MEGlobal nominated the MEG March contract price for Asia at USD830 per ton, which is USD20 per ton higher than the February level.
MEG, along with terephthalic acid (TFA), is one of the main raw materials for the production of polyethylene terephthalate (PET).
According to Scan Report Company Market Report, in Russia, the total estimated PET consumption in December last year was 63.84 thousand tons, which is 22% higher than the consumption figure for the same month of 2017. In January-December 2018, the total PET consumption in all sectors (casting, fiber filaments, films) exceeded the level of 2017 by 5% and amounted to 695.30 thousand tons.MEGlobal price monoethyleneglycol Asia
MEGlobal, headquartered in Dubai (UAE) 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 textiles), 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 participation in Kuwaiti joint ventures.
Author: Anna Larionova