MEGlobal has rolled over its North American benchmark for monoethylene glycol at 35 cents/lb for July, the company said Wednesday.
June US MEG contracts for fiber and PET makers were assessed at 31.43-31.93 cents/lb, down 1.71 cents/lb from May, based on a weighted formula that applies discounts to announced contract prices in North America and Asia.
The move was in sync with July MEG price announcements in Asia, market sources said.
US contract pricing typically tracks movement in Asia even though the US spot price has become disconnected with the Asian spot price in recent months, sources have said.
