NewsFlashCorrected: Initial Europe November MEG falls €175/t

04 November 2008 15:12  [Source: ICIS news]

Correction: In the ICIS news story headlined “Newsflash: Initial Europe November MEG drops €175/t” dated 4 November 2008, please read in the first paragraph …initial Europe November … instead of … initial Europe October…. A corrected story follows.

 

LONDON (ICIS news)--An initial Europe November mono ethylene glycol (MEG) contract has been settled down €175/tonne at €630/tonne ($797/tonne), the seller said on Tuesday.

 

“[The price] is based on the global price situation and view... [and] puts our customers in a competitive situation,” the seller involved in the initial agreement said.

 

The €630/tonne FD (free delivered) NWE (northwest Europe) price put Europe more in line with the US benchmark figure and the Asian nomination for November, both of which dropped from the previous month, the source said.

 

The customer, described as a large west European polyethylene terephthalate (PET) producer, was not available for comment.

 

($1 = €0.79)

 

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By: Caroline Howard
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