Sinopec November MEG monoethylene glycol prices
Sinopec reduced November MEG prices for CNY300 per ton Sinopec November MEG monoethylene glycol prices
MOSCOW – China China Petroleum & Chemical Corp. (Sinopec), Asia’s largest oil refining company, on October 30 lowered November prices of monoethylene glycol (MEG) in East China by 300 yuan (CNY) or USD43 per tonne due to weaker demand from the finished goods market, a source at the company told ICIS .
Thus, the November prices of MEG companies are now at the level of CNY7,200 per ton or USD1,035 per ton.Sinopec November MEG monoethylene glycol prices
The company operates four MEG plants with a total capacity of 1.84 million tons per year.
Spot MEG prices in China declined in October. So, on October 29, MEG spot prices were in the range of CNY6 790-6 850 per ton (USD976-984 per ton), whereas on October 8 they were CNY7 400-7 500 per ton (USD1 063-1 078 per ton).
MEG prices in the region have fallen as a result of the uncertain macroeconomic situation and weaker demand in the polyester yarn market.
Earlier it was reported that on October 24, Sinopec set October contract prices for monoethylene glycol (MEG) in eastern China by 310 yuan (CNY) or USD44.7 per ton lower compared to the level of the previous month to CNY7 770 per ton or USD11 195 per ton.
MEG is one of the main raw materials for the production of polyethylene terephthalate (PET).Sinopec November MEG monoethylene glycol prices
According to the ICIS-MRC price review , the supply of injection-molded PET granules from non -CIS countries to Russia in September amounted to 10.1 thousand tons against 10.5 thousand tons a month earlier and 3 thousand tons in September last year.
Imports from South Korea last month amounted to 0.5 thousand tons. In the first nine months of 2018, imports of molded PET in the Russian Federation increased by 29% to 97.2 thousand tons against 75.4 thousand tons for the same period last year.
The share of South Korean imports from January to September was 10% (9.5 thousand tons), as was the share for the same period last year (7.6 thousand tons).
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. Sinopec November MEG monoethylene glycol prices
In terms of refining capacity, Sinopec Corp. ranks second in the world, in terms of ethylene capacity – fourth.Sinopec November MEG monoethylene glycol prices
Author: Anna Larionova