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MEG values gushed up on back of strong crude prices

MEG market in China has witnessed significant rise last week. Hike in crude values along with chemicals has pushed up the MEG values in China.  Crude oil prices gained sharp rises these days as Russia and Saudi Arabia hoped to extend output reduction. MEG prices increased along with the rises in commodities, particularly energy and chemicals. Many MEG units were shut down in the month of March , April which in turn led to limited supply of the chemical in the market. However demand for polyester is also one of the key factor driving the need of MEG. At present the requirement for MEG is high but soon a slack season will be seen in the month of June –July.