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Bearish sentiments pull down MEG prices in Asia & US

11 Nov '13
2 min read

Monoethylene glycol (MEG) prices declined in Asia and the US in the last fortnight ending October 31, 2013, due to bearish sentiments coupled with decline in feedstock prices, while they stayed stable in Europe due to firm energy market.
 
In Southeast Asia, average MEG price was US$ 1055/ton in October 2013, showing a decline of 4.09 percent compared to same period of the last year.
 
In October 2013, MEG price in Southeast Asia dropped 1.41 percent from US$ 1065/ton at the beginning of the month to US$ 1055/ton by the end of the month. 
 
In India, average MEG price decreased by 1.41 percent to US$ 1,050/ton in the fortnight ending October 31, compared to average price of US$ 1,065/ton in the previous fortnight ending October 15. The down trend of price continued and it was assessed at US$ 1,040/ton on November 7.
 
In China, average MEG price declined by 0.95 percent to US$ 1,040/ton in the last fortnight ending October 31, as compared to the average price of US$ 1,050/ton in the previous fortnight.
 
In Europe, MEG price was steady at US$ 1,195/ton. In North West European market, MEG contract prices for the month of November were settled at € 1,225/ton, showing a decline of € 35/ton from September settlement price.
 
In the US, MEG price dropped by 1.92 percent in the last fortnight to 51 cents/pound compared to 52 cents/pound in the previous fortnight.
 

Fibre2fashion News Desk - India

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