Saudi Arabian Basic Industries Corp. (SABIC), the Middle East’s largest company by market capitalization, has reduced its February nomination for monoethylene glycol’s (MEG) Asian contract price to $880 per ton, $70 per ton less than January’s level, ICIS reported.
Spot MEG discussions continued a slump, reaching $710 per ton CRF NE Asia last week.
SABIC, Shell Chemicals and MEGlobal, the world’s three major sellers of MEG, sell their contract based on a specific pricing formula. They often give their clients competitive discounts compared to the announced price.
MEGlobal price nomination for February 2015 is $860 per ton, $80 ton less than January’s contract.
SABIC is the world’s largest producer of MEG, which is used mainly as feedstock in downstream polyester industry.
|
SABIC’s ACP for MEG |
|||
|
Monthly change |
Nomination Price ($/ton) |
Month |
|
|
-- |
1200 |
Jan. 2014 |
|
|
(30) |
1170 |
Feb. 2014 |
|
|
+10 |
1180 |
March 2014 |
|
|
(60) |
1120 |
April 2014 |
|
|
-- |
1120 |
May 2014 |
|
|
(30) |
1090 |
June 2014 |
|
|
+40 |
1130 |
July 2014 |
|
|
+20 |
1150 |
Aug. 2014 |
|
|
-- |
1150 |
Sep. 2014 |
|
|
(30) |
1120 |
Oct. 2014 |
|
|
(120) |
1000 |
Nov. 2014 |
|
|
-- |
1000 |
Dec. 2014 |
|
|
(50) |
950 |
Jan. 2015 |
|
|
(70) |
880 |
Feb. 2015 |
|
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