MEGlobal has set its April North American benchmark price for monoethylene glycol at 51 cents/lb, down 3 cents/lb from March levels, a company source said Friday.
The reduction was anticipated. Earlier this month, MEGlobal nominated its March Asian Contract Price at $1,110/mt CFR, down $70/mt from its March nomination.
MEGlobal is a 50:50 joint venture of the US' Dow Chemical and Kuwait's Petrochemical Industries.
US MEG contracts for fiber and PET makers were assessed at 48.25 cents/lb ($1,064/mt) for March based on North American and Asian producer discounts for large volume buyers. With lower North American and ACP nominations, the price will drop in April.