Ethylene Glycol Asia

摘要

The Asian monoethylene glycol market fell $24/mt week on week to be assessed at $990/mt Friday. The Asian MEG market started a downturn this week, after hitting $1,027/ mt on May 6 — the highest level since April 23 when the price was assessed at $1,035/mt. Sentiment was under pressure this week amid active selling. The CFR China MEG price was assessed at $1,015/mt Monday, and dropped to by $1,000/mt Tuesday and then to $983/mt Wednesday — the lowest level since April 30 when it was assessed at $970/mt. But on Thursday, the Asian MEG market rebounded, led by short covering. Market sources said the Asian MEG market found some support due to low inventories in China. China’s MEG inventory was hovering at low levels of around 556,000 mt, industry sources estimated. “There is active short covering at around $980/mt CFR China, which is supporting the market now,” said a trading source.