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Sinopec MEG prices April Sinopec MEG prices April Sinopec MEG prices April Sinopec MEG prices April Sinopec MEG prices April Sinopec MEG prices April Sinopec MEG prices April Sinopec MEG prices April Sinopec MEG prices April Sinopec MEG prices April
Sinopec raised MEG prices in April by USD162 per tonne
MOSCOW – China China Petroleum & Chemical Corp. (Sinopec), the largest oil refining company in Asia, increased the April contract prices of monoethylene glycol (MEG) in the eastern regions of China by 1,020 yuan (CNY) or USD162 per ton compared to the level of March, ICIS source in the company said.
Thus, the April prices of the company’s MEG in East China are set at CNY8,500 or USD1,349 per tonne, the source said.
The company manages four MEG plants with a total capacity of 1.84 million tons per year.
Spot prices of MEG increased significantly in China in April; on April 20 amounted to CNY8 250-8 650 per ton, whereas on April 2 they were CNY7 250-7 370 per ton.
MEG is one of the main raw materials for the production of polyethylene terephthalate (PET).
According to the ICIS-MRC Price Review , the ruble’s exchange rate against the dollar and euro and rising PET prices in China continue to put pressure on the cost of the material in the European market. Prices for Russian granules grow very fast. In the Russian market, the deficit of PET is increasing. Many processors who buy the material on the spot were not ready for such a sharp rise in prices and took a wait-and-see attitude.
Sinopec Corp. is one of the world’s largest integrated energy and chemical companies. Business Sinopec Corp. includes oil and gas exploration, production and transportation of oil and gas, refining, petrochemical production, production of mineral fertilizers and other chemical products. By the volume of oil processing capacities of Sinopec Corp. occupies the second place in the world, the volume of ethylene capacity – the fourth.
mrcplast.ru
Author: Anna Larionova
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