Saudi Arabian Basic Industries Corp.’s, the Middle East’s largest company by market capitalization, May monoethylene glycol (MEG) nominated Asian Contract Price remains unchanged at $1,120/tonne, the same price as April contract, ICIS reported.
Spot MEG discussions rose to $920/ 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 announced price.
MEGlobal price nomination for May is $1,100/tonne, the same as April contract.
|
SABIC’s ACP for MEG |
|||
|
Change from previous month |
|
Nomination Price ($/ton) |
Month |
|
-- |
1200 |
January 2014 |
|
|
(30) |
1170 |
February |
|
|
+10 |
1180 |
March |
|
|
(60) |
1120 |
April |
|
|
-- |
1120 |
May |
|
SABIC is the world’s largest producer of MEG which is used mainly as feedstock in downstream polyester industry.
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