Asia propylene glycol ethers at lowest in more than 16 months

SINGAPORE (ICIS)–Spot prices of propylene glycol ethers (PGEs) – propylene glycol methyl ether (PM) and PM acetate (PMA) – in Asia were at levels last seen in August 2017, tracking recent hefty losses in feedstock propylene oxide (PO).

Glycol ethers are mainly used as a solvent for industrial applications such as paints and coatings (Source: Stock Connection/REX/Shutterstock)

Weak demand amid a seasonal lull weighed on the market.

In the week ended 12 December, spot prices stabilised after plunging since end-October, due to some rebound in feedstock PO market in China.

Spot prices of drummed PM were at $1,520/tonne CFR (cost and freight) SE (southeast) Asia, while those of drummed PMA stood at $1,390/tonne CFR SE Asia, according to ICIS data.

PM and PMA spot prices had shed 9.6% and 13% from end-October to 5 December, respectively, the data showed.

Feedstock PO prices on a delivered (DEL) China basis had plunged 24.3% from mid-October, ICIS data showed.

Divided in E-series and P-series, depending on whether they are made from ethylene oxide (EO ) or PO, glycol ethers are mainly used as a solvent for industrial applications such as paints and coatings.