Mono ethylene glycol (MEG) and polyethylene (PE) spot prices ramped up because of the attacks to 2 Saudi Aramco’s oil facilities on September 14th 2019. Plastics News Europe wrote that the spot rate of MEG and PE bounced significantly in Asian markets according to Wood Mackenzie (energy research & consultancy organization).
Saudi Arabia produces 7,800,000 MT of MEG and 90 million MT of PE annually so it is a key manufacturer of petrochemical products. Spot rate of MEG in China domestic market is reported 5,200 Yuan (€665), up 400 Yuan (€51) in comparison with previous week. Also the rate of MEG on CFR China basis increased to over $600, up $30~$40.