Saudi SABIC rolls over January MEG ACP nomination at $1,200/tonne

13/12/2013 ICIS

Saudi Arabia’s SABIC has maintained its nomination for January 2014 monoethylene glycol (MEG) Asian Contract Price (ACP) at $1,200/tonne (€876/tonne) for a third straight month, a company source said on Friday.

The ACP nomination price is on a CFR (cost & freight) Asia basis.

MEGlobal, another MEG major, has nominated at $1,210/tonne CFR Asia for its January ACP.

On 13 December, spot MEG offers mostly fell to $1,050/tonne CFR CMP (China Main Port), while discussions were below $1,050/tonne CFR CMP, down by $20/tonne from the previous day, according to Chemease, an ICIS service in China.

Some market players said they expected prices to decrease as demand from the downstream users is still weak and fund supply is limited with the year-end drawing near.

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