Saudi Basic Industries Corporation (SABIC) has nominated a lower price for its August Asian Contract Price (ACP) for monoethylene glycol (MEG) to $1,020 per ton, a month-on-month reduction of $80.
MEG spot market price dropped to $915 per ton last week.
SABIC, MEGlobal, and Shell Chemicals— the world’s top three sellers of MEG— provide their contracts based on a specific pricing formula. They often give their clients competitive discounts compared to the announced prices.
SABIC is the world’s largest producer of MEG, a material used mainly as feedstock in the downstream polyester industry.
MEGlobal has set August’s contract at $1,000 a ton, $100 a ton less than July.
|
(MEG) – 2015 SABIC ACP nominations |
||
|
Month |
Sale price (USD per ton) |
Month-on-month change |
|
January |
950 |
($50) |
|
February |
880 |
($70) |
|
March |
880 |
-- |
|
April |
960 |
+ $80 |
|
May |
1000 |
+ $40 |
|
June |
1,120 |
+ $120 |
|
July |
1,100 |
($20) |
|
August |
1,020 |
($80) |
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