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MEG prices inch down in Asian markets last fortnight
09
May '14
The prices of monoethylene glycol (MEG) decreased in Asian markets in the last fortnight ending April 30, 2014, compared to the previous fortnight ending April 15, while the prices stayed steady in Europe and the US during the same period.
 
In Southeast Asia, the average MEG price in April 2014 worked out to US$ 930/ton, which showed a decrease of 6.88 percent over the average price of $1,000/ton in the corresponding month last year.
 
During the last fortnight from April 16-30, 2014, MEG prices decreased in Asian markets due to sluggish downstream demand and high inventory levels in the region.
 
In India, the average price of MEG was assessed at $925/ton in the last fortnight, which was lower by 1.6 percent compared to the average price of $940/ton in the previous fortnight. The downtrend continued and on May 8, prices were assessed at $890/ton.
 
In China, MEG prices showed similar trend as India and the average price in the last fortnight was $920/ton, as against the average price of $935/ton in the previous fortnight. On May 7, prices were assessed at $885-890/ton.
 
In the Chinese domestic market, selling offers for MEG were in the range of RMB 6750/ton to RMB 6800/ton in the last fortnight.
 
In Europe, the average MEG price in the last fortnight remained stable at $805/ton due to firm energy market, whereas it stayed unchanged at 45 cents/pound in the US due to mute buying sentiments.
 

Fibre2fashion News Desk - India

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