Saudi Basic Industries Corp (SABIC) hiked the price of its monoethylene glycol (MEG) Asian contracts to $960 per ton in April, an increase of $80 month-on-month.
MEG spot prices dropped to $820 per ton last week.
SABIC, MEGlobal, and Shell Chemicals—the world’s three major sellers of MEG— provide their contracts based on a specific pricing formula. They often give their clients competitive discounts compared to the announced prices.
MEGlobal nominated raising its April MEG contract offer by $20 month-on-month to $940 per ton.
SABIC is currently the world’s largest producer of MEG, which is used mainly as feedstock in the downstream polyester industry.
|
SABIC’s MEG contract price for Asia |
||
|
Month |
Sale price (USD per ton) |
Month-on-month change |
|
January |
950 |
( 50 ) |
|
February |
880 |
( 70 ) |
|
March |
880 |
-- |
|
April |
960 |
+ 80 |
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