24 July 2008 17:18 [Source: ICIS news]
By Ed Cox
LONDON (ICIS news)--European monoethylene glycol (MEG) traders were looking to ?xml:namespace>
“We are on the edge of doing something, a few thousand tonnes as we have a source and the chance to ship, although the freight rate is very high,” said one trader.
Bulk spot prices have shot up in Europe on a lack of supply, with offers now talked above €850/tonne ($1,328/tonne) CIF (cost, insurance, freight) NWE (northwest Europe) but only a few sellers in the market.
This compared with a downtrend in Asia, where spot levels fell to around $1,030/tonne CFR (cost and freight)
This would equate to a difference of €191/tonne, before duty and transport costs.
“Of course we are looking at Asia.," another trader said.
"You would end below €800/tonne CFR ARA (
Most MEG sources expected a tight August, given upcoming shutdowns in
“Yes August looks tight but I am a little concerned by the Iranian material which came to
"It could be unleashed when the market turns softer."
($1 = €0.64)
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