Traders raise their MEG offers, backed by the strength in crude and naphtha prices.
Improvement in demand for ethylene and downstream products has further supported this hike.
Sources explained that trade has recovered after the Easter holidays in some parts of Asia and Songkran break in Thailand and that at several places the prices had reached around $835 per metric ton this week.
MEGlobal and Sabic have quoted MEG contract prices for May at around $870 per metric ton CFR level which is higher than the April contract prices at $850 per metric ton.
Supply has improved as Chinese firm Oriental Petrochemical (Shanghai) Corp's 250 kilo ton per annum MEG unit and Optimal 380 kilo ton per annum unit in Malaysia have resumed their operations again.
marketing@alchempro.com
