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MEGlobal hikes MEG Asian contract price for August'14
15
Jul '14
Ethylene glycol manufacturer MEGlobal has announced that its Asian Contract Price (ACP) for monoethylene glycol (MEG) will be US$ 1150/ton CFR Asian main ports for arrival in August 2014, up from July 2014 ACP of $1130/ton.
 
The company’s decision to hike the contract price for August is based on high planned turnarounds in the near future, the unplanned turnarounds that have occurred recently, and the net short term 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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