Asian MEG spot prices fell on October 29 as losses in the downstream polyester sector weakened sentiment across the polyester industry chain.
The outlook for downstream polyester sales is putting pressure on the market atmosphere. Market participants prefer forward paper to spot transactions.
Looking ahead, the expectation is that more and more deep-sea cargo will enter Asia, which could put further downward pressure on sentiment.
On Oct 29, China's domestic MEG Futures for January 2021 closed at RMB3,788 / t, down 1.2% year on year.
Ethylene glycol’sApplications:
1. Freeze protection, heat transfer and hydraulic fluids; Natural gas
And hydrocarbon treating agents;
2. Hydroscopic agents for paper, cork and textile conditioning;
3. Plasticizer formulations and raw materials for ester and
Polyester production.