Sabic lowered August contract price MEG Asia - Arhive

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Sabic lowered the August contract price of MEG for Asia by USD25 per tonne    Sabic lowered August contract price MEG Asia 

Sabic lowered August contract price MEG Asia MOSCOW – Sabic, the largest Saudi petrochemical company, has lowered the contract price of monoethylene glycol (MEG) to supply material to the Asian market in August at USD25 per tonne in relation to supplies in July, ICIS source in the company said.

Thus, the contract prices of the company’s MEG for July deliveries to Asia will be at the level of USD1,080 per tonne, CFR Asia.Sabic lowered August contract price MEG Asia

The continued depreciation of the Chinese yuan against the US dollar weakened consumer interest from the second half of June, putting downward pressure on MEG prices.

Earlier it was reported that Sabic had lowered the contract price of monoethylene glycol (MEG) for supplies of material to the Asian market in July at USD45 per tonne compared to the June price level to USD1,105 per tonne, CFR Asia.Sabic lowered August contract price MEG Asia

MEG is one of the main raw materials for the production of polyethylene terephthalate (PET).Sabic lowered August contract price MEG Asia

According to the Price Review of ICIS-MRC , the situation in the Russian injection molded PET market changed sharply in July.Sabic lowered August contract price MEG Asia

The downward price trend in the domestic spot market of PET granules this week has intensified against the backdrop of a decline in peak demand for Russian granules.Sabic lowered August contract price MEG Asia

The material prices of Chinese plants are going down for the fifth week in a row. The upper limit of the spot prices of the Ecopet plant for a lot of 20 tons dropped to 150,000 rubles. per ton, CPT Moscow, including VAT.

According to unofficial information, the Kaliningrad plant concluded a spot deal for the sale of 700 tons of PET at a price of 133500 rubles. per ton, CPT Moscow, including VAT. The plant still has some free July volumes.

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 last year by 7% to SR23.43 billion (Saudi reais), which is equivalent to USD6.24 billion, as the average price of sold products and the increased sales volumes decrease.

mrcplast.ru

Author:                Anna Larionova

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