MEGlobal price Monoethyleneglycol MEG
MEGlobal leaves the July contract price of the MEG in Asia at the level of June MEGlobal price Monoethyleneglycol MEG
MOSCOW – MEGlobal, the world leader in the production of monoethylene glycol (MEG) and diethylene glycol (DG), nominated the MEG July contract price for Asia at USD710 per tonne, which corresponds to the level of the current month, a source in the company told ICIS .
The price was named on the terms of delivery CFR Asia.
It is expected that the decline in production at several factories in Asia will lead to a decrease in the material supply on the market, starting in June.
However, lower demand for polyester in the downstream polyester market, lowering oil quotes and market uncertainty due to the US-China trade war continue to put pressure on market sentiment. MEGlobal price Monoethyleneglycol MEG
Earlier, it was noted that MEGlobal lowered the June contract price of MEG for Asia compared to May level by USD90 per ton – to USD710 per ton, CFR Asia.
MEG, along with terephthalic acid (TFA), is one of the main raw materials for the production of polyethylene terephthalate (PET).
According to ICIS-MRC ‘s Price Review , prices in China’s key market have remained at their lowest levels in the past two years. Against this background, the formula prices of PET in the Russian market will be decreasing next month. In the current month, contract prices are in the range of 90,000-94,000 rubles. per ton, CPT Moscow, including VAT. The spot prices of Russian manufacturers are in the range of 94,000-96,000 rubles. per ton, CPT Moscow, including VAT.
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. MEGlobal price Monoethyleneglycol MEG
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 the sale of its stake in MEGlobal to Equate Petrochemical Company as part of a strategy to optimize its equity participation in Kuwaiti joint ventures.
Author: Margarita Volkova