Saudi Arabian Basic Industries Corp., the Middle East’s largest company by market capitalization, has reduced its nomination for November monoethylene glycol (MEG) Asian Contract Price to $1000/tonne, $120/tonne less than October’s level, ICIS reported.
Spot MEG discussions continued a slump, reaching $815/ tonne CRF NE Asia last week.
SABIC, Shell Chemicals and MEGlobal, the world’s three major sellers of MEG, sell their contract based on certain pricing formulae. They often give their clients competitive discounts compared to the announced price.
MEGlobal price nomination for November is $960/tonne, $160 less than October’s contract.
|
SABIC’s ACP for MEG |
|||
|
Change from previous month |
Nomination Price ($/ton) |
Month |
|
|
-- |
1200 |
January 2014 |
|
|
(30) |
1170 |
February |
|
|
+10 |
1180 |
March |
|
|
(60) |
1120 |
April |
|
|
-- |
1120 |
May |
|
|
(30) |
1090 |
June |
|
|
+40 |
1130 |
July |
|
|
+20 |
1150 |
August |
|
|
-- |
1150 |
September |
|
|
(30) |
1120 |
October |
|
|
(120) |
1000 |
November |
|
SABIC is the world’s largest producer of MEG which is used mainly as feedstock in downstream polyester industry.
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