MOSCOW (MRC) -- MEGlobal announced that its Asian Contract Price (ACP) for monoethylene glycol (MEG) will be USD570/MT CFR Asian main ports for arrival June 2020, said the company.
The June 2020 ACP reflects the short term supply/demand situation in the Asian market.
As MRC informed earlier, MEGlobal announced that its Asian Contract Price (ACP) for monoethylene glycol (MEG) will be USD560/MT CFR Asian main ports for arrival May 2020. The May 2020 ACP reflects the short term supply/demand situation in the Asian market.
MEG is one of the main feedstocks for the production of polyethylene terephthalate (PET).
As per MRC's ScanPlast report, Russia's estimated PET consumption decreased to about 53,890 tonnes in February 2020, down by 3% year on year. 100,830 tonnes of PET chips were processed in Russia in the first two months of 2020. February PET production in Russia dropped to 45,800 tonnes, down by 5% year on year. Russia's overall PET production fell in January-February 2020 by 13% year on year.
Headquartered in Dubai (UAE), MEGlobal is the world leader in the production of monoethylene glycol (MEG) and diethylene glycol (DG). Established in July 2004, MEGlobal currently sells more than 2.5 million tons of DG per year worldwide. MEGlobal is a 100% subsidiary of Equate Petrochemical Company. In December 2015, Dow Chemical closed a deal to sell its stake in MEGlobal to Equate Petrochemical Company as part of a strategy to optimize its equity stake in Kuwaiti joint ventures.
MRC