MEG Market Weekly (Dec 13-17 2010)
| Price | ||||||
| Spot | 13-Dec | 17-Dec | Weekly Average | Trend | ||
| WTI crude futures | 88.6 | 88.0 | 88.2 | → | ||
| Feedstock | Naphtha ($/mt CFR Japan) | 844.5 | 858.8 | 846.9 | → | |
| Ethylene ($/mt CFR NE Asia) | 1179.0 | 1166.0 | 1176.4 | → | ||
| MEG Spot | China domestic (Yuan/mt cash, ex-tank) | 8250.0 | 8290.0 | 8286.0 | → | |
| Import market ($/mt CFR China L/C 90 days) | 1050 | 1058 | 1056 | → | ||
| MEG Contract | Sep | Oct | Nov | Dec | ||
| SABIC ($/mt CFR Asia) | 880 | 900 | 1020 | 1160 | ||
| SHELL ($/mt CFR Asia) | 870 | 900 | 1030 | 1160 | ||
| MEGlobal ($/mt CFR Asia) | 870 | 910 | 1030 | 1180 | ||
| Sinopec (Yuan/mt delivered) | Offer | 6600 | 7900 | 9000 | 8500 | |
| Settlement | 6800 | 8900 | 8750 | N/A | ||
| Imports(kt) | August | 560.7 | September | 543.8 | October | 495.1 |
 | ||||||
| Market roundup | ||||||
| MEG market was still acting range-bound this week and the transactions volume reduced apparently. The deals were mostly among the traders, while the polyester plants were inactive. In import market, the highest and lowest traded prices were $1065/mt and $1050/mt, while in China domestic market the prices were 8350yuan/mt and 8200yuan/mt. MEG market presented divergence in domestic and import market. The import market was relatively firm with prices at $1050-1060/mt. The suppliers were unwilling to sell at low prices. The inquiries were mostly for deep-sea cargos with some higher bids at $1060-1065/mt, but the transactions were sporadic in general due to limited availability. The transactions this week were mainly for cargos at port or to arrive soon. In China domestic market, the prices slightly moved up to 8200-8300yuan/mt supported by firmer stock and commodity futures market, but the polyester producers mostly kept sidelined. The prices then lingered around 8300yuan/mt till the end of the week as the transactions were still dull. The sellers were reluctant to conclude deals at low prices, although some polyester producer enquired. | ||||||
| Inventory | ||||||
| MEG Inventory in East China Ports* (unit:10kt) | ||||||
| Last Week | This Week | |||||
| Zhangjiagang | 26 | 26 | ||||
| Taicang | 7 | 7 | ||||
| Jiangyin | 5 | 5 | ||||
| Ningbo | 12 | 12 | ||||
| Total | 50 | 50 | ||||
| MEG Inventory | Tank: high | Polyester plant: moderate | ||||
| *statistics available | ||||||
| Plant news | ||||||
| Zhenhai Refining and Chemical has closed 650kt/yr MEG unit on Dec 12 for 10 days. | ||||||
| Forecast | ||||||
| The traders were more interested in deep-sea cargos recently, but the transactions were rare due to limited availability. The polyester plants and traders may not take in goods in large amount because the banks tighten the credit at the end of the year. Meanwhile, the demand for MEG remained as the operating rate of polyester plants was still at high level. But the growing polyester product inventory depressed the buying interest of polyester producers apparently. The transactions in import market may be more attractive to the polyester producers now. | ||||||
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