Sinopec November MEG prices East China
Sinopec reduced November contracting MEG prices in East China for CNY1 290 per tonne Sinopec November MEG prices East China
MOSCOW – China China Petroleum & Chemical Corp. (Sinopec), Asia’s largest oil refining company, lowered the November contract prices of monoethylene glycol (MEG) in eastern China by 1,290 yuan (CNY) or USD186 per tonne compared with the previous month, a source at the company told ICIS .Sinopec November MEG prices East China
Thus, from November 23, contract prices of MEG companies in the region are set at CNY6 280 or USD906 per tonne, following the downward trend in the spot market, a source said.
Spot quotations for material in China are going down this month amid low consumer activity in the downstream market for polyester production. Sinopec November MEG prices East China
Thus, the price proposals of MEG on November 22 were in the range of CNY5 850-5 920 per ton against the level of CNY6 520-6 8 20 per ton on November 1.
The company operates four MEG plants with a total capacity of 1.84 million tons per year.
MEG is one of the main raw materials for the production of polyethylene terephthalate (PET). Sinopec November MEG prices East China
According to the ICIS-MRC Price Review , the cost of Russian PET in November for spot and contract buyers will be in the range of 110,000-115,000 rubles. per ton, CPT Moscow, including VAT.
November is traditionally the market for PET buyers when the supply of material exceeds the demand for it.
Last week, the ruble appreciated against the dollar. This trend may ease downward pressure on the prices of Russian material in December, which has a continuing decline in Asia. Sinopec November MEG prices East China
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 prices East China
In terms of refining capacity, Sinopec Corp. ranks second in the world, in terms of ethylene capacity – fourth.
Author: Margarita Volkova