The Saudi Basic Industries Corporation (SABIC) has increased its nomination for March monoethylene glycol (MEG) Asian Contract Price to $1,180/tonne, $10/tonne higher than February's level, ICIS reported. Spot MEG discussions were reported at $950/tonne CFR NE Asia last week.
MEG price in the Asian market is usually set by 3 companies: SABIC, MEGlobal and Shell Chemicals with clients usually receiving discounts to announced contract prices.
MEGlobal’s price nomination for March is $ 1,180/ton
SABIC is the world’s largest producer of MEG which is mainly used as feedstock in downstream polyester industry.
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SABIC’s ACP for MEG |
|||
|
Change from previous month |
Nomination Price ($/ton) |
Month |
|
|
-- |
1220 |
January( 2013) |
|
|
+80 |
1300 |
February |
|
|
+10 |
1310 |
March |
|
|
(160) |
1150 |
April |
|
|
-- |
1150 |
May |
|
|
-- |
1150 |
June |
|
|
(50) |
1100 |
July |
|
|
-- |
1100 |
August |
|
|
+100 |
1200 |
September |
|
|
-- |
1200 |
October |
|
|
-- |
1200 |
November |
|
|
-- |
1200 |
December |
|
|
-- |
1200 |
January 2014 |
|
|
(30) |
1170 |
February |
|
|
+10 |
1180 |
March |
|
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