Mono Ethylene Glycol (MEG) prices have been on the run up as its prices opened for the week on higher note in Asian contract for February. But there are indications to the contrary, as buyers have turned away with rise in prices and would return only if they move down.
Shell and MEGlobal have hiked MEG prices $20 per metric ton from January levels to $870 per metric ton CFR levels, market sources mentioned.
Buyers were hard to find at the $860 per metric ton CFR mark, but if last week's prices of $850 per metric ton CFR is maintained then deals could be finalized making it possible to sustain market until the beginning of Lunar holidays in China, they added.
Polyester plants would shutdown, as spot buying in MEG during February slacken due to holidays, triggering a price correction in MEG.
GT Petro's No 1 MEG unit is shutting down this week for maintenance while GT Petrochem of Indonesia has planned a three-week shutdown for its No 2 MEG line in Merak.
Meanwhile, the outage is planned to begin end March and the plant will be shut down for preventive maintenance, inform sources.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
