In October H1, Mono Ethylene Glycol (MEG) prices declined across the key global markets including USA, Europe and Asian market. This is mainly attributed to the insufficient cost support from the feedstock market and the low demand conditions across the key downstream markets. Prices for the key feedstock Ethylene Oxide remained weak amidst the softness across the upstream crude oil prices. EIA reported the consecutive weakness in the global crude oil prices and the prices for the WTI (west Texas Intermediate) crude oil reached USD 58.30 per barrel on October 17, 2025, from USD 61.65 per barrel on October 3, 2025. This is mainly due to the plan of potential production hike by OPEC+ members in November 2025 and the return of inventory supply addition from Iraq, increasing supply and driving the crude oil price weaker. At the same time, consumption for the MEG across the key downstream PET and Polyester market remained below expectations.
Selenis has effectively manufactured recycled PET chips using terephthalic acid sourced from Circ®, a textile-to-textile recycler based in Virginia. The chip production took place through a series of batches at Selenis' pilot plant in San-Giorgio, Italy. By utilizing inputs recovered from polycotton textile waste, Selenis has created high-quality PET chip, which has been further processed into DTY yarn. This yarn will play a crucial role in product development as Circ prepares for additional capsule launches. Selenis is leveraging the success of this initial collaboration phase and is committed to advancing towards an offtake partnership to support Circ's inaugural industrial facility.
Eduardo Santos, Head of Corporate Strategy at Selenis, remarked that the monomer synthesis showed a performance comparable to virgin terephthalic acid. He expressed optimism about the consistent quality of Circ's monomer output and anticipated future commercial success. Santos pointed out that the Circ partnership complements Selenis's existing mission and goals for a more sustainable textile industry. He further stated their anticipation of expanding upon this collaboration and providing support for Circ's forthcoming commercial production trials.
