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MEG April ACP takes a dive
19 Mar '09
1 min read
Spot MEG prices in Asia have been trading in narrow range since the last few days and are hovering around US $435-440 per ton CFR. April MEG contracts tied to Asian contract price nominations have fallen by around $60 per ton following announcements of April ACPs by Shell at $560 per ton and MEGlobal at $540 per ton.
The average Asian contract price in March was $613 per ton. SABIC has cut MEG April ACP by $60 per ton to US$540 per tonne compared to its own March ACP. MEGlobal's North American reference price stood at 31 cents per lb in March and it is yet to announce its April reference price.
In coming days ease of availability in the market is expected to maintain as the 600,000 tonne MEG plant of Sumitomo is still in its start-up phase and export deliveries are expected to commence from April onwards, while the 800,000 YANSAB plant has had a full trial start-up, but full fledged operations are expected to start only in the second quarter of 2009.
The average Asian contract price in March was $613 per ton. SABIC has cut MEG April ACP by $60 per ton to US$540 per tonne compared to its own March ACP. MEGlobal's North American reference price stood at 31 cents per lb in March and it is yet to announce its April reference price.
In coming days ease of availability in the market is expected to maintain as the 600,000 tonne MEG plant of Sumitomo is still in its start-up phase and export deliveries are expected to commence from April onwards, while the 800,000 YANSAB plant has had a full trial start-up, but full fledged operations are expected to start only in the second quarter of 2009.
Fibre2fashion News Desk - India
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