Middle Eastern producer Saudi Basic Industries Corp (SABIC) has lowered its April nominated price for MEG by $60/tonne (€46.20/tonne) from the previous month. SABIC’s April Asian Contract Price (ACP) nomination was pegged at $540/tonne CFR (cost and freight) Asia. The company nominated its March MEG ACP at $600/tonne CFR Asia. The source declined to reveal the reason for lowering the Asian Contract Price (ACP). Earlier, two other MEG majors had reduced their ACP nominations for April. Shell Chemicals nominated its April MEG ACP at $560/tonne CFR Asia while MEGlobal announced a $540/tonne CFR Asia price for April cargoes.