Initial Europe May MEG settles at €856/tonne

29 April 2010 17:24  [Source: ICIS news]

LONDON (ICIS news)--An initial European May mono ethylene glycol (MEG) contract price has been agreed at €856/tonne ($1,126/tonne), down €14/tonne from April, a buyer and seller said on Thursday.

The initial contract settlement was agreed on a free delivered (FD) northwest Europe (NWE) basis.

The buyer attributed the price drop to weakening Asian prices which could potentially result in import cargoes heading to Europe.

“I expect MEG [price] will drop in June also,” it added.

The seller had been looking for a rollover based on continued firm demand and short supply in Europe.

“[€856/tonne] was the best I could get,” the seller said.

Another customer said it was in favour of a fast settlement and that prolonging the discussions would not necessarily yield a different number.

($1=€0.76)

For more on MEG visit ICIS chemical intelligence
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By: Caroline Murray
44208 652 3214



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