Domestic demand for MEG has slowed down significantly in China market. The supply has been bulk in past few weeks. CFE China values were assessed at the levels of USD 675/MT in this week. On other side there has been ample supply at the main ports of China in last few weeks. The prices have weakened to its extreme low in last one year.Many Chinese manufacturers has also planned to shut down their units from December to January. It has become difficult for them to bear the heavy losses. Around 1.4 mln mt/year of capacity will be affected due to this major shutdown.
