SABIC has announced the spot Asian Contract Price (ACP) for January of monoethylene glycol (MEG) at US $600 per MT, which is down by US $10 per MT when compared to that of December. This drop in prices has come about in the backdrop of ethylene plants intending to restart their operations in light of drop in prices of feedstock materials.
MEGlobal, a major manufacturer of MEG on the other hand has announced its ACP at US $630 per MT, Asian main ports for deliveries in January 2009, which is higher than the price quoted for December. Prices have slowly started moving upwards and have crossed the psychological US $500 per MT mark in China.
The relatively tight demand and supply situation persisting in the market currently seems to be supporting the price increase, but the scales may be tipped in case a few more plants restart their operations.
Fibre2fashion News Desk - India
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