NewsFlashInitial August MEG settles at €830/t

25 July 2007 15:49  [Source: ICIS news]

LONDON (ICIS news)--An initial European mono ethylene glycol (MEG) contract has been settled for August at €830/tonne ($1,153/tonne), down €12/tonne, a buyer said on Wednesday.

 

The agreement was done on a FD (free delivered) NWE (northwest Europe) basis, and was reported by the consumer but not yet confirmed on the seller-side.

 

The buyer said the settlement had been done on Monday, 23 July.

 

The €12/tonne drop comes after three consecutive increases.

 

The customer said that the decrease was fair, given the stability in Asian MEG prices and the weakening of the US dollar since the last settlement.

 

European contract players include Shell, BASF, Clariant, Diolen, M&G and Invista.

 

($1 =  €0.72)

By: Edward Cox
+44 20 8652 3214

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