Monoethylene glycol (MEG) prices jumped high in Asia this week on the back of rising crude oil values amid the US-Iran tensions, and further market activity is expected to drop in the coming weeks ahead of the Lunar New Year holiday in China. MEG importers are concerned that supply from Iran will be disrupted. Spot MEG discussions in Asia, meanwhile, are expected to ground to a halt in the coming weeks with the approaching Lunar New Year holiday.
The Lunar New Year falls on 25 January, with the Chinese market closed for a full week from 24 January.
The holiday is coming, so downstream polyester producers may not restock as many textile converters will close down during holiday.
