The US exports of monoethylene glycol (MEG) to China and South Korea rose dramatically in January, according to data from the US International Trade Commission (USITC) seen by SSESSMENTS.COM. The data showed the US exported 86,846 tons of MEG to China in January 2020, compared to 18 tons in January 2019. Exports to South Korea increased from zero to 20,015 tons over the same period.
As a result, China was the largest export destination for US MEG in January, while South Korea was in the second spot. China is the world’s largest MEG user using the material for its polyester and polyethylene terephthalate (PET) industries. China imported 142,706 tons of MEG from the US in 2019, increasing from 79,063 tons in 2018.
As SSESSMENTS.COM noted, Asian MEG prices were strong at around $611/ton CFR China and $616/ton CFR Southeast Asia in January. Meanwhile, US spot export MEG price was observed at $485/ton FOB USG. However, the coronavirus pandemic has pushed MEG prices and demand lower. Prices were reported at $423/ton CFR China and $428/ton CFR Southeast Asia on Friday, declining by about 30% since January 10. The US spot export MEG price has also declined by 13.6% over the same period.
Tags: Americas,English
Published on March 23, 2020 7:17 PM (GMT+8)Last Updated on May 8, 2020 12:50 PM (GMT+8)
