06 August 2008 17:27 [Source: ICIS news]
The contract was settled on a FD (free delivered) NWE (northwest
“We think it is a fair reflection of the market, given the different pressures. Producers are still suffering from the high ethylene prices but we see that MEG is weak in
Sellers had largely disagreed with the July settlement at €940/tonne FD NWE, up €60/tonne, saying that it did not cover raw material increases.
“We thought there was a good argument for a rollover or a decrease in August. But we accept that the €940/tonne July level was not good for sellers and see a €10/tonne August hike as a compromise,” said the buyer.
($1 = €0.65)
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