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MEGlobal decreases MEG Asian contract price for June'14
May '14
Ethylene glycol manufacturer MEGlobal has announced that its Asian Contract Price (ACP) for monoethylene glycol (MEG) will be US$ 1080/ton CFR Asian main ports for arrival in June 2014, down from May 2014 ACP of $1100/ton. The company’s decision to decrease the contract price for June reflects the short term MEG supply/demand situation in the Asian market.
Established in 2004, MEGlobal is a joint venture between The Dow Chemical Company of the United States, and Petrochemical Industries Company (PIC) of Kuwait. MEGlobal is one of the world’s leading suppliers of MEG and diethylene glycol (DEG), collectively known as ethylene glycol (EG). Currently, MEGlobal produces about 1 million metric tons per year of EG, and markets in excess of 3.5 million metric tons per year.
EG is used as a raw material in the manufacture of polyester fibers, polyethylene terephthalate resins (PET), antifreeze formulations and other industrial products.

Fibre2fashion News Desk - India

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