Saudi Arabia’s Basic Industries Corp. (SABIC) increased its May nomination for mono ethylene glycol (MEG) Asian Contract Price (ACP) by $40 to $1,000 per ton.
Major MEG producers include SABIC, Shell, and MEGlobal, which is also offering May deliveries at $1,000 per ton, $60 higher than April’s deliveries. Last week, MEG spot market increased to reach $875 per ton.
SABIC is the largest producer of MEG, which is mainly used as feedstock for polystyrene production, as well as antifreeze.
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SABIC’s MEG contract price for Asia— 2015 |
|||
|
Month-on-month change |
Sale price (USD per ton) |
Month |
|
|
(50) |
950 |
January |
|
|
(70) |
880 |
February |
|
|
-- |
880 |
March |
|
|
+80 |
960 |
April |
|
|
+40 |
1,000 |
May |
|
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