MEGlobal has nominated its January Asia Contract Price for monoethylene glycol at $900/mt CFR Asia main ports, down $50/mt from the December nomination, a company source said.
"The January ACP reflects the short-term supply/demand situation in the Asian market," the source added.
Despite the recent launch of MEG futures contracts at China's Dalian Commodity Exchange, overall market sentiment remained bearish for Asian MEG amid sluggish demand along the polyester chain.
Spot prices have been weak and was assessed at $675/mt CFR China on Tuesday, down $63/mt week on week.
There are three MEG ACP sellers in Asia: MEGlobal, Sabic and Shell.
