Saudi Arabian Basic Industries Corp., the Middle East’s largest company by market capitalization, has reduced its nomination for April monoethylene glycol (MEG) Asian Contract Price to $1,120/tonne, $60/tonne less than March’s level, ICIS reported.
Spot MEG discussions continued a slump, reaching $910/ tonne CRF NE Asia last week.
SABIC, Shell Chemicals and MEGlobal, the world’s three major seller of MEG, sell their contract based on certain pricing formulae. They often give their clients competitive discounts compared to the advertised market price.
MEGlobal price nomination for April is $1,100/tonne, $80 less than March’s contract.
|
SABIC’s ACP for MEG |
|||
|
Change from previous month |
Nomination Price ($/ton) |
Month |
|
|
-- |
1200 |
January 2014 |
|
|
(30) |
1170 |
February |
|
|
+10 |
1180 |
March |
|
|
(60) |
1120 |
April |
|
SABIC is the world’s largest producer of MEG which is used mainly as feedstock in downstream polyester industry.
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