For the Quarter Ending March 2025
North America
In Q1 2025, the North American Mono Ethylene Glycol (MEG) market followed a bullish trajectory, with prices rising steadily across the quarter. January saw a mid-month surge in MEG prices, driven by a sharp increase in Ethylene Oxide (EO) costs and unexpected supply disruptions caused by severe winter storms along the Gulf Coast, particularly impacting facilities in Texas. These disruptions limited production, tightening supply and pushing prices higher despite sluggish demand from the downstream PET sector. Strategic inventory management and restricted logistics further supported price stability.
In February, although some production resumed after the winter weather abated, scheduled maintenance turnarounds at key facilities—including Dow’s Seadrift and Indorama’s Clear Lake plants—continued to restrict spot availability. As a result, prices remained firm. By March, with most plants operating steadily and no major supply shocks, MEG prices stabilized at elevated levels. Downstream demand from the PET industry stayed weak, largely due to rising competition from recycled PET (rPET), yet no significant price decline was observed.
Overall, the U.S. market experienced the most pronounced fluctuations, with MEG prices increasing by 2.4% from the previous quarter. By the end of Q1, prices stood at approximately USD 483/MT FOB US Gulf, reflecting constrained supply and cautious market sentiment.
Europe
In Q1 2025, the Mono Ethylene Glycol (MEG) market in Europe exhibited an overall bullish price trend, shaped by evolving supply-demand fundamentals and global trade dynamics. January commenced with a brief bearish phase in Germany as MEG prices dropped slightly due to weak downstream demand from the PET sector and sluggish industrial activity at the close of 2024. However, the trend reversed toward the end of the month as feedstock Ethylene Oxide costs rose and market activity picked up post-holidays, aided by tighter global supply conditions—particularly U.S. production disruptions caused by extreme weather. This initiated a gradual price recovery. February saw a consecutive price rise driven by modest demand revival from PET packaging and bottled beverage sectors amid seasonally rising temperatures. The EU’s plastic waste policies, promoting rPET over virgin PET, tempered demand growth, but not enough to offset the bullish trend. Supply constraints persisted due to lower imports and a force majeure declared by Lotte in the U.S., which reduced availability. Consequently, MEG prices continued their upward climb. March marked a sharper surge in prices, fueled by persistent supply tightness, logistical bottlenecks at major German ports, and cautious procurement strategies ahead of the peak season. Despite muted downstream demand, anticipation of future consumption and tight inventories supported a strong upward price movement. By the end of Q1, MEG prices in Germany had risen significantly by 17.5% and reached at USD 768/MT FD Hamburg.
APAC
In Q1 2025, the Mono Ethylene Glycol (MEG) market in the Asia-Pacific (APAC) region showcased a mixed performance, marked by early gains followed by a notable downturn in March. During January and February, MEG prices rose steadily, supported by tight supply conditions stemming from delayed restarts of production units in the Middle East and Southeast Asia. These supply constraints, combined with steady demand from the downstream PET sector and modest upticks in crude oil prices, led to price gains in multiple regional markets. Moreover, anticipation of Ramadan-driven and holidays in middle east demand in February lent some strength to market sentiment, while plant maintenance activities in China and the Middle East reduced regional availability, pushing prices upward. However, March witnessed a reversal in the bullish trend as the market turned bearish. Despite stable production costs and adequate inventory levels, MEG prices declined across the APAC region. This shift was largely driven by subdued demand from the PET and polyester segments, influenced by cautious procurement behavior and weakened consumer sentiment. The downward trajectory of global crude oil prices further pressured MEG costs, eroding earlier gains. Concluding Q1, the Indonesian market reflected this regional sentiment, with MEG prices falling to USD 526/MT CFR Tanjung Priok by late quarter.
South America
In Q1 2025, the Mono Ethylene Glycol (MEG) market in South America exhibited a bullish price trajectory, marked by gains in January and February, followed by stabilization in March. The initial surge was primarily driven by supply-side disruptions, despite moderate downstream demand. In January, MEG prices in Brazil rose as freezing weather along the U.S. Gulf Coast triggered plant shutdowns, tightening global supply. This, coupled with rising U.S. production costs, led to limited export availability, supporting price hikes in the region. February saw MEG prices hold firm at elevated levels, with supply pressures persisting despite the gradual recovery of U.S. operations. Although demand from Brazil's PET sector remained subdued due to economic uncertainty and weak consumer sentiment, prices remained stable amid steady import flows and improved port operations in Latin America. By March, MEG prices stabilized as U.S. production normalized and upstream costs, including Ethylene Oxide, declined. Procurement activity remained aligned with consistent downstream production needs, reflecting modest but steady demand. Among South American countries, Brazil experienced the most notable price movements, showcasing resilience through the quarter. MEG prices reached USD 555/MT CFR Santos by the end of March, driven by tight supply conditions and controlled inventory management throughout Q1 2025.
MEA
In Q1 2025, the Mono Ethylene Glycol (MEG) market in the MEA region exhibited a mixed price trend, shaped by fluctuating supply conditions, seasonal demand variations, and shifting macroeconomic dynamics. In January, MEG prices initially declined marginally due to abundant inventories, consistent production, and subdued demand from major importing nations, especially in Asia where PET consumption remained weak post-holiday. However, mid-month, prices rebounded due to maintenance shutdowns at key units like Sharq Unit-4 in Al Jubail and MEGlobal, tightening local supply. Rising global crude oil prices further supported the upward revision. Toward the end of the month, prices surged again, driven by logistical constraints at Middle Eastern ports and increased overseas demand due to weather-induced supply issues in the U.S., culminating in a net price rise for the month. In February, the MEG market registered an upward movement overall, supported by balanced supply and improved domestic manufacturing. Despite ongoing maintenance activities, local inventories remained adequate. Demand remained subdued in the first half, especially from Asia during the Lunar New Year, but picked up modestly later as production resumed. In the end of quarter, prices trended downward, reflecting moderate demand, cautious procurement strategies, and weakening PET consumption in Asia. Despite stable production and expanding Saudi export activity, declining global crude oil prices and logistical slowdowns due to Ramadan dampened overall market momentum. In the MEA region, Saudi Arabia concluded the quarter with MEG prices softening to USD 566/MT FOB Riyadh.
For the Quarter Ending December 2024
North America
In Q4 2024, Mono Ethylene Glycol (MEG) prices in North America followed an overall rising trajectory, driven by a combination of supply disruptions, elevated upstream costs, and logistical challenges. In the early part of the quarter, prices were relatively stable, supported by balanced supply-demand dynamics, ample inventory levels, low production costs, and moderate downstream PET demand. However, mid-quarter saw significant supply disruptions due to Hurricane Milton and Indorama Ventures’ force majeure declaration at its Port Neches facility following a fire, halting operations for six days.
This period also witnessed tight supply exacerbated by production outages in the U.S. Gulf Coast and strikes at Canadian ports, which disrupted logistics and heightened freight charges. Rising crude oil and Ethylene Oxide prices further pushed MEG costs upward, while November contract price hikes intensified market bullishness.
In the later part of the quarter, ongoing labor disputes at key ports and limited imports strained supply chains further. Combined with cautious trading and potential tariff concerns, these factors led to a 1.27% price increase in the U.S. MEG market by quarter-end.
Europe
In early Q4 2024, the European Mono Ethylene Glycol (MEG) market saw a declining trend, driven by weak demand from major downstream sectors like PET resin and textiles. Despite the abundant supply, bolstered by low feedstock costs and strong operational activity, the market faced a cautious stance due to soft consumption and an uncertain economic outlook. The reduction in Ethylene and crude oil prices also put downward pressure on MEG prices. The middle of the quarter continued the downward trend, with excess supply and a decline in Ethylene Oxide prices, further depressing MEG prices. Demand from sectors like PET resin and polyester remained sluggish, partly due to seasonal slowdowns and reduced manufacturing activity. Logistical challenges and minimal upstream market support exacerbated the situation. In the final weeks of Q4, the MEG market showed some initial optimism due to seasonal demand from the PET sector, especially in the beverage and packaging industries. However, logistical issues, including port congestion and potential rail strikes, hindered the market's recovery. Limited buying activity, supported by already high inventory levels, puts downward pressure on prices. As a result, MEG prices in Germany dropped by 3.3%, marking a subdued close to the quarter.
South America
In early Q4 2024, Mono Ethylene Glycol (MEG) prices in South America experienced an upward trajectory, influenced by supply disruptions, rising upstream costs, and logistical challenges. Meanwhile, MEG prices in South America remained stable with a slight downward trend due to balanced supply-demand dynamics and steady imports. However, events like Hurricane Milton and operational halts at U.S. facilities caused intermittent supply tightness. Despite subdued demand from downstream PET and polyester sectors, stable feedstock prices and sufficient inventory supported market equilibrium. By mid-Q4 2024, MEG prices in South America began to rise, driven by tight supply conditions, elevated freight costs, and higher crude oil prices. Supply disruptions in the U.S. Gulf Coast and strikes at Canadian ports further constrained imports into the region. In late Q4 2024, MEG prices in South America continued to climb due to increased import costs linked to rising Ethylene Oxide and Ethylene prices, coupled with a rebound in global crude oil values. Additionally, supply constraints and improved downstream PET demand, spurred by holiday season activities, pushed prices up by 1.28%, particularly in Brazil, solidifying the region's bullish market sentiment.
MEA
In early Q4 2024, the MEA Mono Ethylene Glycol (MEG) market experienced a bullish trend, driven by tight supply and strong overseas demand. Maintenance shutdowns at key MEG production units, global disruptions, and rising crude oil prices, fueled by geopolitical tensions, tightened supply, pushing prices higher. The U.S. shipping strike exacerbated trade challenges, further impacting MEG availability. Although local consumption remained subdued, strong export demand, especially from India ahead of the festive season, supported higher prices. By mid-Q4, MEG prices continued to rise due to tight supply and increased freight costs. Despite weaker demand from Asia and a post-festival dip in Indian imports, maintenance shutdowns, including at Yansab, further tightened supply. Increased Ethylene Oxide prices and rising crude oil prices supported the upward price trend. However, in the final weeks of Q4, prices started to decline, primarily due to weak demand from key importers and year-end decline. While domestic production remained stable and crude oil prices slightly increased, reduced consumption in downstream sectors like PET and polyester, along with cautious procurement in Asia, pressured prices. Consequently, MEA MEG prices fell by 1.72% by quarter-end.
APAC
In Q4 2024, the Mono Ethylene Glycol (MEG) market in APAC saw a declining trend driven by multiple factors. In the early part of the quarter, weak downstream demand, particularly from the PET and polyester sectors, along with stable feedstock prices and increased production, exerted downward pressure on prices. Excess inventory, despite maintenance shutdowns at key production facilities, further contributed to the supply glut, amplifying market bearishness. In mid-Q4, increased supply, including higher domestic production and more overseas imports, continued to weigh on the market, with only essential procurement taking place. Despite easing geopolitical tensions and a decline in crude oil prices, MEG prices fell due to weak external demand and insufficient support from feedstock. In the later part of the quarter, while supply remained stable, demand remained sluggish, especially from the PET resin sector. Cautious purchasing and limited overseas demand continued to apply downward pressure on prices. Overall, MEG prices fell by 6.1% throughout Q4 2024, particularly in China, reflecting a challenging market environment.
For the Quarter Ending September 2024
North America
In Q3 2024, the Mono Ethylene Glycol (MEG) market in North America faced a significant decline in prices, driven by multiple key factors. Weak demand from downstream industries, especially the PET resin sector, exerted substantial pressure on MEG prices. Additionally, the lack of upward cost support from feedstock Ethylene Oxide, along with fluctuating upstream crude oil prices, further contributed to this downward trend. The overall demand for PET in North America also showed a declining trajectory this quarter, compounded by the adverse effects of hurricanes impacting production and logistics.
Mexico, in particular, experienced marked price changes, mirroring the broader negative trend in the MEG market. Seasonal variations, along with the dynamics of supply and demand, played a critical role in these fluctuations. Despite the notable price declines observed in Q3, MEG prices remained elevated, reflecting a 2.5% increase quarter-on-quarter and a 7% rise year-on-year.
By the end of the quarter, the price of MEG in Mexico was reported at USD 483/MT CFR Manzanillo, underscoring the prevailing bearish sentiment and ongoing challenges within the regional pricing environment.
Europe
In Q3 2024, the pricing landscape for Mono Ethylene Glycol (MEG) in Europe saw a significant upward trend, particularly in Germany, where price fluctuations were most pronounced. Several critical factors influenced the overall market, including tight supply conditions, elevated feedstock costs, and steady demand from downstream sectors. Additionally, the volatility of upstream crude oil prices, exacerbated by ongoing geopolitical tensions, played a crucial role in shaping market dynamics. The 16% increase compared to the same quarter last year was largely due to supply constraints and cautious restocking efforts amid economic uncertainties. The quarter also witnessed a 3% rise from the previous quarter in 2024, indicating a gradual but consistent escalation in prices driven primarily by supply-side factors. In Germany, the market exhibited a strong correlation between MEG prices and the costs of feedstocks, especially Ethylene Oxide. By the end of the quarter, the price for MEG reached USD 694/MT FD Hamburg, highlighting a strengthening market sentiment characterized by a steady and persistent price surge throughout the period.
APAC
In Q3 2024, the Mono Ethylene Glycol (MEG) pricing in the APAC region exhibited a mixed trend. During the first two months of the quarter, MEG prices increased significantly, driven by robust demand from the downstream PET market, which was buoyed by peak seasonal consumption. This price escalation was further supported by elevated production costs, high upstream crude oil prices, and rising shipment freight charges amid escalating geopolitical tensions. However, as the quarter progressed, MEG prices began to decline, influenced by excess inventory, accelerated production rates, and decreased demand from both domestic and international markets. Despite this mixed trend, MEG prices remained relatively high compared to the previous quarter, showing a 2% increase, while year-on-year comparisons reflected a 4% rise. By the end of the quarter, the latest price for MEG in China was reported at USD 633/MT FOB Shanghai. This figure underscores the overall declining trend in MEG pricing across the APAC region during Q3 2024, illustrating the complexities and fluctuations within the market landscape.
South America
In Q3 2024, the Mono Ethylene Glycol (MEG) market in South America experienced a significant decline in prices, with Brazil being the most affected. This downward trend can be attributed to several critical factors. A marked decrease in demand from downstream industries, particularly the PET resin sector in the latter half of the quarter, exerted considerable pressure on MEG prices. Additionally, reduced trading activity and cautious purchasing behavior from end-users further weakened market sentiment. Disruptions in the supply chain, including plant shutdowns and logistical hurdles, compounded the decline in MEG prices across the region. Specifically in Brazil, the market reflected the most pronounced price fluctuations, mirroring the overall trend within the region. Seasonal factors and the interplay of supply and demand dynamics played significant roles in shaping these price changes. Despite this decline, MEG prices remained 2.5% higher than the previous quarter, and year-on-year comparisons indicated a 6% increase. By the end of the quarter, the price for MEG was reported at USD 527/MT CFR Santos, highlighting the prevailing negative pricing environment and the challenges facing the industry.
MEA
The third quarter of 2024 witnessed a significant surge in Mono Ethylene Glycol (MEG) prices across the MEA region, driven by several pivotal factors influencing market dynamics. A robust global demand, particularly from the PET manufacturing sector, has been a primary catalyst for this price increase. Additionally, supply constraints, logistical hurdles, and escalating upstream crude oil prices, exacerbated by heightened geopolitical tensions, have collectively applied upward pressure on MEG prices in the region. Saudi Arabia, in particular, experienced the most pronounced price fluctuations, reflecting a notably positive pricing environment. During this quarter, MEG prices surged by 17% compared to the same period last year, indicating strong market performance. Furthermore, a 7% increase from the previous quarter in 2024 underscores the consistent upward trajectory of pricing. By the end of the quarter, the price for Mono Ethylene Glycol was reported at USD 543/MT FOB-Riyadh, reinforcing the overall bullish sentiment in the market. This pricing trend highlights the underlying demand fundamentals and supply-side challenges characterizing the MEG landscape in the MEA region.
For the Quarter Ending June 2024
North America
In the second quarter of 2024, the Mono Ethylene Glycol (MEG) market in North America showed a varied pattern. Early in the quarter, prices declined notably due to reduced consumption and high inventory levels. However, the latter half of the quarter saw stability in MEG prices across North America, characterized by steady pricing and balanced market conditions. Several factors contributed to this equilibrium. Significant disruptions in the supply chain, including unplanned plant closures and severe weather events, played a crucial role in influencing market dynamics. These disruptions led to constrained supply as major production facilities were forced to shut down, exacerbating supply chain bottlenecks caused by natural disasters. Despite these challenges, the market maintained overall stability, supported by moderate demand from downstream industries, particularly PET manufacturing. Additionally, stable feedstock prices, especially for ethylene oxide, helped mitigate potential price fluctuations.
In the USA, the market experienced the most significant fluctuations. Seasonal variations in demand typical of Q2 had minimal impact due to well-balanced supply and demand dynamics. Despite global shipping volatility and occasional logistical hurdles, the market demonstrated resilience. Compared to the same quarter the previous year, MEG prices in the USA declined sharply by 19%. However, prices for this quarter were only 5% lower than the preceding quarter of 2024, indicating a downward trend.
Overall, the quarter concluded with MEG priced at USD 452/MT FOB US Gulf in the USA. The pricing environment throughout Q2 2024 remained negative yet stable, reflecting a balanced market sentiment amidst various influencing factors.
APAC
In the second quarter of 2024, the Mono Ethylene Glycol (MEG) market in the APAC region remained relatively stable in terms of prices. This stability was driven by a balanced supply-demand relationship, consistent production levels, and steady consumption rates. Effective inventory management played a critical role as manufacturers maintained optimal stock levels to prevent overproduction. Furthermore, international imports were steady without major disruptions in supply chains. Stable upstream Ethylene prices further supported this equilibrium, shielding MEG prices from external economic fluctuations.
In South Korea, notable price fluctuations were observed, yet the overall MEG market portrayed a stable and dynamic environment. Prices increased moderately by 8% compared to the same quarter last year, with a slight 3% decrease from the previous quarter. These variations were influenced by seasonal adjustments and strategic supply chain management. Notably, prices remained consistent throughout the quarter, with no significant difference between the first and second halves. Steady demand from downstream sectors such as PET manufacturing and textiles, particularly in Polyester Staple Fiber (PSF), contributed to market stability. Key players' proactive inventory management also played a crucial role in balancing the market and minimizing price volatility.
By the end of Q2 2024, MEG prices in South Korea settled at USD 534/MT CFR Busan, indicating a stable pricing environment supported by effective supply chain practices and market equilibrium maintained throughout the quarter. Overall, the MEG market in the APAC region, particularly in South Korea, demonstrated resilience and stability, reflecting positive market conditions.
Europe
In the second quarter of 2024, Mono Ethylene Glycol (MEG) prices in Europe showed a significant upward trend driven by several critical factors. Increasing costs of feedstocks, particularly rising prices of Ethylene Oxide, along with restricted supply due to scheduled plant maintenance and unexpected operational disruptions, were major influences on the market. Geopolitical tensions and fluctuating crude oil prices further heightened production costs. Despite fluctuating demand from the PET market, which exerted varying pressures on the supply chain, MEG prices remained bolstered.
Germany experienced the most notable price fluctuations in Europe during this quarter. The overall trend demonstrated robust upward momentum, reflecting seasonal increases in demand and aligning with broader regional pricing trends. Compared to the same quarter last year, prices surged by a significant 22%, driven by supply constraints and inflationary pressures. From the previous quarter in 2024, prices increased by 4%, indicating a steady growth trajectory amid improving economic conditions. The price difference between the first and second halves of the quarter was minimal at 2.5%, highlighting a stable but positive pricing environment.
By the end of Q2, the latest MEG price in Germany reached USD 675/MT FD Hamburg, encapsulating the quarter's strong upward trend. Overall, the pricing environment remained positive throughout the period, supported by supply constraints, rising feedstock costs, and consistent demand from downstream industries, contributing to a favorable market sentiment.
MEA
The second quarter of 2024 in the MEA region witnessed a significant increase in Mono Ethylene Glycol (MEG) prices, driven by several key factors. Chief among these were disruptions in ocean shipments due to geopolitical issues and port congestion, particularly in major Asian ports. These disruptions led to higher shipping costs, prompting exporters to raise MEG prices. Additionally, the decision by OPEC+ to extend crude oil output cuts into 2025 tightened the supply of crude oil, indirectly influencing MEG prices. These strategic adjustments and market dynamics created a bullish pricing environment for MEG during the quarter.
Saudi Arabia experienced the most pronounced price changes in the region. Overall trends indicated a strong increase in MEG prices, supported by peak summer demand and heightened consumption in downstream PET manufacturing sectors. Seasonal factors, including the Eid festive season, played a significant role in driving up demand. Price movements reflected an upward trajectory, with a 17% increase from Q2 2023 and a slight 1% decrease from the previous quarter in 2024.
By the end of the quarter, the price for MEG in Saudi Arabia stood at USD 513/MT FOB-Riyadh. The pricing environment throughout Q2 2024 has predominantly been positive, characterized by rising demand, strategic supply adjustments, and seasonal consumption patterns. This period solidified a bullish sentiment in the MEG market, illustrating a stable yet upward price trend.
South America
In the second quarter of 2024, the Mono Ethylene Glycol (MEG) market in South America experienced a mixed price trend influenced by significant factors. The early half of the quarter saw prices decline due to high inventory levels and imports at lower prices. However, in the latter half of the quarter, prices stabilized. Market stability was primarily driven by a balanced supply and demand equilibrium, supported by ample inventory levels and steady production. Additionally, stable feedstock costs and controlled freight charges contributed to maintaining price stability throughout the quarter.
Brazil, where the most notable price changes occurred, witnessed a 17% decrease compared to the same quarter the previous year. However, in Q2 2024, there was a marginal 4% decline from the previous quarter, indicating a relatively negative price trend. Importantly, there were no significant fluctuations between the first and second halves of the quarter, reinforcing the overall stable pricing trend.
Closing the quarter at USD 522/MT of MEG CFR Santos in Brazil, the market maintained a positive sentiment with consistent pricing, demonstrating a period of stability and reliability in the MEG market in South America.
