Saudi monoethylene glycol (MEG) major SABIC has proposed a $110/tonne (€84.7/tonne) price increase for May MEG cargoes from the previous month’s settlement, company sources said on Wednesday. It announced its May MEG Asian contract price (ACP) at $650/tonne CFR (cost and freight) Asia, about 20% higher compared to $540/tonne CFR Asia in April, they said. SABIC’s customers said they expected a higher price given the current tight supply situation and strong demand. Spot prices had also risen sharply in the past few weeks, hitting $590/tonne CFR China earlier this week. In early April, fellow MEG majors MEGlobal and Shell Chemicals announced their ACP for May as $600/tonne and $580/tonne CFR Asia, respectively.(icis)