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MEG prices turn back southwards
06 Jan '09
1 min read
Monoethylene Glycol (MEG) prices were witnessing a decline trend last week after having made gains in earlier weeks. The prices turned softer despite higher crude and ethylene feedstock prices on anticipation of weak buying trends in global markets.
After having climbed to US $550 per metric ton levels, MEG prices are now being quoted at US $530 per metric ton. A few of the companies which had cut back production or totally shutdown operations had planned to restart production on reports of rise in prices.
The demand was noticed to be dull not only in the downstream markets, but the threat of ample supplies of MEG in Asia weighed down heavily on buyer sentiments with the re-start of several MEG plants. Moreover, the approaching lunar holidays in China dampened the market sentiment in the short term.
After having climbed to US $550 per metric ton levels, MEG prices are now being quoted at US $530 per metric ton. A few of the companies which had cut back production or totally shutdown operations had planned to restart production on reports of rise in prices.
The demand was noticed to be dull not only in the downstream markets, but the threat of ample supplies of MEG in Asia weighed down heavily on buyer sentiments with the re-start of several MEG plants. Moreover, the approaching lunar holidays in China dampened the market sentiment in the short term.
Fibre2fashion News Desk - India
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