SABIC hikes May’s MEG Asian CP by $40/ton

16/04/2015 Argaam

Saudi Arabia’s Basic Industries Corp. (SABIC) increased its May nomination for mono ethylene glycol (MEG) Asian Contract Price (ACP) by $40 to $1,000 per ton.

 

Major MEG producers include SABIC, Shell, and MEGlobal, which is also offering May deliveries at $1,000 per ton, $60 higher than April’s deliveries. Last week, MEG spot market increased to reach $875 per ton.

 

SABIC is the largest producer of MEG, which is mainly used as feedstock for polystyrene production, as well as antifreeze.

 

SABIC’s MEG contract price for Asia— 2015

Month-on-month change

 

Sale price (USD per ton)

Month

(50)

 

950

January

(70)

 

880

February

--

 

880

March

+80

 

960

April

+40

 

1,000

May

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