02 September 2010 10:03 [Source: ICIS news]
LONDON (ICIS)--An initial European September monoethylene glycol (MEG) contract price has been agreed at €791/tonne ($1,014/tonne), up €36/tonne from August, the two parties involved said on Thursday.
"I would have liked to have had a higher number...I was hoping to have an eight in front," the producer said.
While €791/tonne was a compromise, it was important to get back on track with settling at the beginning of the month, it added.
"This price is reasonable for ?xml:namespace>
Both sides agreed that the market was tight, but the customer specified that this was evident only in the spot market.
The contract was settled on a free delivered (FD) northwest Europe (NWE) basis.
($1 = €0.78)
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