Shell Chemicals has nominated its December Asia Contract Price for monoethylene glycol at $1,280/mt CFR, down $120/mt from its November nomination, the company's customers said this week.
Earlier this week, Saudi Basic Industries Corporation, or Sabic, the world's largest producer of MEG, nominated its December MEG ACP at $1,250/mt CFR, $150/mt lower than its November nomination.
MEGlobal last week lowered its December ACP nomination by $130/mt to $1,250/mt CFR.
The fall in the ACP nomination reflects current weak market sentiment amid concerns over eurozone debt. Downstream polyester makers are worried that an economic downturn may in turn affect demand for polyester.
Platts assessed MEG at $1,055/mt CFR China Thursday, down $113/mt month on month.