Sinopec monoethylene glycol prices
Sinopec reduced May contractual MEG prices in East China for CNY350 per tonne Sinopec monoethylene glycol prices
MOSCOW – China China Petroleum & Chemical Corp. (Sinopec), Asia’s largest oil refining company, lowered the May contract prices of monoethylene glycol (MEG) in eastern China by 350 yuan (CNY) or USD50.7 per tonne compared to April this year, a company source told ICIS . Sinopec monoethylene glycol prices
Thus, the May contract prices of MEG companies in the region are set at CNY4,530 or USD656 per ton.
The quotations of MEG in China dropped last week following the decline in commodity prices and amid the tense situation during the US-China trade war.
Thus, the spot prices of MEG in China on May 23 were in the range of CNY4 200-4 240 per ton against the level of CNY4 520-4 550 per ton for May 5, according to ICIS. Sinopec monoethylene glycol prices
The company operates four MEG plants with a total capacity of 1.835 million tons per year.
MEG is one of the main raw materials for the production of polyethylene terephthalate (PET).
According to the ICIS-MRC Price Review , the cost of Russian PET continues to be under downward pressure from the Asian market. Prices in China continue to decline very sharply. The level of contract prices for material in the next month will fall lower than previously expected. The magnitude of the reduction can be 4 000-5 000 rubles. per ton. Sinopec monoethylene glycol prices
Sinopec Corp. is one of the world’s largest integrated energy and chemical companies. Business Sinopec Corp. includes oil and gas exploration, extraction and transportation of oil and gas, oil refining, petrochemical production, the production of mineral fertilizers and other chemical products. In terms of refining capacity, Sinopec Corp. ranks second in the world, in terms of ethylene capacity – fourth.
Author: Margarita Volkova