MEGlobal listed its price as $710 late yesterday which is a reduction from the May level of $800/MT. Another global supplier posted $730 which is $45 down on the May level.
The price reduction is in line with the recent slippages in spot values. On 14th of May spot MEG imported into China dropped to $520/MT CFR. This is a decline of more than $60 from the end of April. Ample supplies and cautious buying is the reason for the weak price trend. A fall in ethylene costs over the past month and sluggish conditions in the downstream polyester markets also depresses sentiment in the entire polyester chain.