Ethylene Glycol Asia

摘要

Asian MEG prices slipped $8/mt week on week to $950/mt CFR China and $953/mt CFR Southeast Asia Friday, tracking falling MEG futures, which were dragged lower by weaker crude. MEG prices corrected from last week’s bullish rebound as market participants once again ponder the effect of waning polyester demand and reduced operating rates at Chinese polyester and PET plants on feedstock MEG and PTA spot prices. “Last week was probably an overreaction by the market to a spate of PTA plant issues from China to Saudi Arabia, which lifted both PTA and MEG spot prices. However, the current seasonal lull in PET and polyester, and weaker demand has re-emerged to place downward pressure on bid levels,” said a trader. Several Chinese PET/polyester producers were heard to have reduced operating rates to 75%-85% of capacity, from 90%. Trading was active, tracking falling MEG futures.