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Spot monoethylene glycol prices in Asia may strengthen further in the near term

September 07/2011

(ICIS) -- Spot monoethylene glycol (MEG) prices in Asia may strengthen further in the near term, after hitting a 44-month high last week, as supply of the material is expected to tighten, market sources said on Wednesday.


In the week ending 2 September, MEG spot prices were assessed at $1,275-1,285/tonne (?918-925/tonne) CFR (cost and freight) CMP (China Main Port), close to levels last seen on 11 January 2008, according to ICIS data.


УMEG prices are rising to peak point since the global economic crisis. Prices will rise above $1,300/tonne very soon because of speculation on tight supply,Ф a regional trader said.
Scheduled turnarounds at regional plants will shave MEG supply to the Asian market.


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