MEGlobal raises June MEG prices
MEGlobal raises June MEG
MEGlobal raises June MEG prices by USD10 per ton
MOSCOW – MEGlobal, the world leader in the production of monoethylene glycol (MEG) and diethylene glycol (DG), has nominated the June MEG contract price for Asia at USD570 per tonne, which is USD10 per tonne higher than in May, the company said. .
The price was announced on terms of delivery CFR Asia. The company lowered MEG prices amid falling spot prices in the market.
The price increase followed the recent MEG price increase in early May amid replenishment of stocks after prices fell to historic lows after the 2008 global financial crisis.
Earlier it was reported that MEGlobal nominated the May MEG contract price for Asia at USD560 per tonne, which is USD80 per tonne lower than in April.
MEG is one of the main raw materials for the production of polyethylene terephthalate (PET).
According to ScanPlast of Market Report, in March the total estimated PET consumption in Russia was 65.37 thousand tons, which is 1% higher than the previous year. The estimated PET consumption in January – March of this year compared to the same period in 2019 decreased by 3% and amounted to 175.17 thousand tons.
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. MEGlobal raises June MEG
Author: Anna Larionova
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