Monoethylene glycol (MEG) is an important material in the plastics and fibre industry for the manufacture of polyester fibers, resins and polyethylene terephthalate.
MEG prices in Asia remained high supported by growing demand for derivative PET products.
Seller bids are pegged in a range US $850–860 per metric ton CFR.
Acknowledging overall prices still high, buyer bids lowered slightly considering the quick reduction in crude values, sources said.
However, buyer target prices slipped to $830 per metric ton CFR Asia mark that was clearly rejected by traders.
Post-Lunar holidays, China's Sinopec Shanghai Petrochemical Company Limited hiked the price for MEG to RMB 8600 per metric ton from it's previous offer level up RMB 100 per metric ton.
Meanwhile, Indonesia's GT Petrochemical has been operating its two MEG lines including 96 kilo ton per annum in Merak and its other MEG line with a 120 kilo ton per annum at normal rates.
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