25 February 2010 09:51 [Source: ICIS news]
LONDON (ICIS news)--The European monoethylene glycol (MEG) contract price for March has been confirmed at €899/tonne ($1,215/tonne), up €59/tonne from the previous month, a buyer and seller said on Thursday.
“It is good to have an early settlement,” said the seller.
This sentiment was echoed by other buyers and sellers, who acknowledged the difficulties of coping with downstream market developments when upstream contract agreements were delayed, which is a situation that has dominated the markets in recent months.
“[The price for] March at the time of the settlement is in line with the trend and makes sense. Together with February, it is not what we were looking for because February was significantly lower than that what we are able to accept,” said another seller.
Producers had been targeting €890-920/tonne for February in order to reflect the tightness in the market; they were disappointed with the February agreement at €840/tonne, which was confirmed alongside the initial March contract price on 17 February.
According to buyers, however, the €840/tonne was a compromise for the €125/tonne increase the market experienced in January.
Availabilities of MEG remained snug in ?xml:namespace>
($1 = €0.74)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|