13 October 2010 14:48 [Source: ICIS news]
LONDON (ICIS)--An initial fourth quarter ?xml:namespace>
Both the buyer and seller said they had agreed only reluctantly, and indicated the settlement was borne out of a desire to conclude the extended negotiations.
“It was dragging on too long, I think the whole industry risked getting discredited,” said the buyer.
“Based on the Asian spot price, it should have been €10/tonne lower, at least. Maybe even €20/tonne,” the buyer continued.
The producer said: “Nobody is happy, neither buyers not sellers. This is clearly a compromise. To my knowledge [the contract price settlement] has never taken so long.”
Confirmation has been received by one other producer but was still pending from the rest of the market.
The Europe methanol contract price is settled on a free on board (FOB)
($1 = €0.72)
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