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Asia monoethylene glycol prices to firm in the next two months

July 21/2011

(ICIS) -- Asia monoethylene glycol (MEG) prices are expected to firm in the next two months because of the start-up of new downstream polyester capacities, stable supply and strong demand from the textile sector, industry sources said on Thursday.

Asia MEG prices were at USD 1.200-1.205/tonne (EUR 840-844/tonne) CFR (cost & freight) CMP (China Main Port) at the close of trading on 20 July, up by USD 40/tonne from 12 July levels, according to ICIS data.

УMany speculative traders are in the market to seek cargoes as they believe MEG prices will not have a big risk of falling and even have the potential to rise in the second half of this year. This is because there will be no additional MEG capacity expansion in 2011 and 2012, but some new downstream polyester plants will come on stream in the following months,Ф a trader said.
Around 1.3m-1.5m tonnes of polyester capacities are expected to start up in the third quarter, market sources said.

As a result of the positive market outlook, many traders have been actively purchasing August and September cargoes in anticipation of a price increase, sources said.

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