MEGlobal has rolled over its May North American benchmark price for monoethylene glycol at 51 cents/lb, a company source said Wednesday.
A rollover had been expected after the company said last week its Asian Contract Price would remain flat at $1,100/mt CFR main port. Sabic also was heard keeping its ACP price unchanged for May at $1,120/mt CFR main China ports.
US MEG contracts for fiber and PET makers were assessed at 45.38 cents/lb ($1,000/mt) for April based on producer discounts for large volume buyers, down 2.88 cents/lb from March levels. Prices are likely to remain at that level next month, based on company announcements.
MEGlobal said it would increase its diethylene glycol price by 2 cents/lb in May to 62 cents/lb, citing continued tightness in the market.
MEGlobal is a 50:50 joint venture of the US' Dow Chemical and Kuwait's Petrochemical Industries.
