Second Europe April MEG contract agreed at €502/tonne

22 April 2009 11:13  [Source: ICIS news]

LONDON (ICIS news)--A second April monoethylene glycol (MEG) European contract price settlement was concluded at €502/tonne ($652/tonne), up €7/tonne from the previous month, sources confirmed on Wednesday.

The price was agreed between a European producer and two of its customers on a free delivered (FD) northwest Europe (NWE) basis.

Only one of the customers was available for comment and confirmed the deal.

This settlement followed an initial agreement concluded on 9 April between another European producer and one of its buyers.

The price of €502/tonne was still below the break-even point, one of the producers said.

“We can’t be blind... demand is sluggish in Europe. New investments were on line in March and our plant is running low,” he said.

($1 = €0.77)

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By: Caroline Howard
+44 20 8652 3214

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