06 January 2010 16:36 [Source: ICIS news]
LONDON (ICIS news)--The European January monoethylene glycol (MEG) contract price is likely to increase because of tightness in the market, buyers and sellers said on Wednesday.
“Considering spot availability, production problems, healthy demand and ?xml:namespace>
Another seller thought that the January contract price would have to head into the €700s/tonne, up from the €660/tonne ($943/tonne) in December.
“I accept that it will go up...but it should be within reason,” a customer acknowledged.
Spot prices had already showed signs of where the market was headed as prices shot up from the mid-to-high €500s/tonne CIF (cost, insurance, freight) NWE (northwest
Offers of €700-750/tonne FCA (free carrier)
“The cost situation has not changed. They are just taking advantage of
Asian prices were heard to have hit $1,050/tonne FOB (free on board) Asia following production outages both locally and in the
Contract discussions were yet to begin in earnest.
($1 = €0.70)
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