NewsFlashFirst Europe Feb MEG down €80/tonne

29 January 2008 11:47  [Source: ICIS news]

LONDON (ICIS news)--The first February monoethylene glycol (MEG) contract has been settled down €80/tonne ($118/tonne) at €1,095/tonne due to long supply and falling prices in other regions, a producer and consumer said on Tuesday.

 

The settlement was between a major producer and a large polyethylene terephthalate (PET) supplier, the same pair that agreed the initial January contract.

 

Consumers had been targeting closer to a €100/tonne decrease, based on signs of length in the European market and hefty price decreases in Asia.

  

The settlement was agreed on an FD (free delivered) NWE (northwest Europe) basis.

 

The January contract was agreed at €1,175/tonne FD NWE, down €30/tonne.

 

($1 = €0.68)

By: Edward Cox
+44 20 8652 3214

< previous article(ICIS Podcast: Chemical News Central 2 November 2009)

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