LyondellBasell plans to increase US monoethylene glycol prices by 2 cents/lb in March, the company has told customers.
The increase will take effect on March 1 or as contracts allow, according to a letter to customers seen by S&P Global Platts on Thursday.
LyondellBasell also rose diethylene glycol pricing by 4 cents/lb effective February 15, it added.
The company did not cite a specific reason for the increase.
Asian MEG contract prices, closely watched in the US market, will also increase for March. Shell has nominated an increase of $40/mt to $1,080/mt CFR Asia, MEGlobal has planned a rise of $40/mt to $1,100/mt CFR Asia and Sabic has announced an increase of $80/mt to $1,180/mt CFR Asia.
US spot MEG pricing was last assessed Friday at 39.00-40.00 cents/lb ($860-$882/mt) FOB USG, just below a 19-month high of 40.25-41.25 cents/lb, pushed up by tight export supply in the US Gulf.
Asian MEG was assessed Thursday at $898/mt CFR China, a decrease of $32/mt in the course of a month, Platts data showed.
The February US MEG contract was assessed at 42.71-43.21 cents/lb, up 2 cents from January and the highest since July 2015, Platts data showed.
The contract assessment was based on a weighted formula that discounts the North American benchmark price by 15% and the ACP average by 5%, with each segment equally weighted, per market feedback.
