MEG ACPs for August

20 July 2017 / MEG Update

Major suppliers of MEG into the Asian market have increased their Asian contract price levels for August, as follows:
MEGlobal                       $980
SABIC                            $980
Third global producer     $990
The latest round of nominations are at least $70/MT CFR Asia higher than those proposed for July: July's ACPs were set at $910-960. The increase in contract pricing is in line with the latest gains in spot values, which touched $865/MT CFR in the key Chinese market this week. Stable demand, gains in the rest of the polyester chain and a recovery of crude oil, naphtha and ethylene over the past two weeks have helped the price increases. It’s mainly speculative trades among big traders and a handful of major end-users in the spot market which lift prices, despite the supposed seasonal lull in the polyester and downstream sectors at this time of the year.