Sabic reduced the April price of MEG by USD55 per tonne – Sabic, the largest Saudi petrochemical company, has lowered the contract price of monoethylene glycol (MEG) to supply material to the Asian market in April at USD55 per tonne compared to the March price level – Sabic April price MEG - Arhive

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Sabic reduced the April price of MEG by USD55 per tonne

Sabic April price MEG MOSCOW – Sabic, the largest Saudi petrochemical company, has lowered the contract price of monoethylene glycol (MEG) to supply material to the Asian market in April at USD55 per tonne compared to the March price level, ICIS source in the company said.

Thus, the contract prices of the company’s MEG for April deliveries to Asia will be at the level of USD1,125 per tonne, CFR Asia.

According to market participants, spot prices of MEG in Asia are declining, which influenced the company’s decision to cut prices.

Earlier it was reported that Sabic in March increased the contract price of MEG for the supply of material to the Asian market at USD20 per tonne compared to the February price level. Thus, the company’s MEG contract prices for March deliveries to Asia will be at USD1,180 per tonne, CFR Asia.

MEG is one of the main raw materials for the production of polyethylene terephthalate (PET).

According to the Price Review of ICIS-MRC , by the end of 2017, PET imports to Russia decreased by 13% to 130 thousand tons against 149 thousand tons a year earlier.

Sabic is a diversified company producing chemical products, industrial polymers, fertilizers and metals. It is the largest state company in Saudi Arabia. Sabic is currently the world’s second largest producer of ethylene glycol, the third largest producer of polyethylene, the fourth largest producer of polypropylene. Sabic reduced its net profit for the past year by 7% to SR23.43 billion (Saudi Reals), which is equivalent to USD6.24 billion, against the background of a decrease in the average price of sold products and increased sales volumes.

mrcplast.ru

Author:                Anna Larionova

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