08 October 2010 09:31 [Source: ICIS news]
LONDON (ICIS)--An initial European October monoethylene glycol (MEG) contract has been agreed at €806/tonne ($1,119/tonne), up €15/tonne from September, the buyer and seller involved in the deal said on Friday.
The contract was settled on a free delivered (FD) northwest Europe (NWE) basis.
The €15/tonne rise from September was attributed to spot price increases throughout September, caused by tight supply and soaring Asian MEG values.
Rumours of the settlement began circulating in the market on Thursday, and two other buyers involved in contract settlements said that they intended to follow the €806/tonne initial settlement, but had not concluded negotiations.
($1 = €0.72)
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