01 December 2010 13:30 [Source: ICIS news]
VALENCIA, Spain (ICIS)--A second producer and customer have reported having followed the initial monoethylene glycol (MEG) December contract settlement at €975/tonne ($1,266/tonne), up €70/tonne from November, but buyers remain disgruntled with what they consider to be an inflated price, they said on Wednesday.
“I do not like the number at all… It is not in line with the European spot market, but it is with
European spot prices were last assessed between €820-850/tonne CIF (cost, insurance and freight) NWE (northwest
Another buyer said that the settlement came as no surprise but added that “suppliers are cashing out on the market opportunistically”.
Meanwhile, a major supplier of MEG to
“My supplier is very greedy, it wants next to €1,000/tonne. It wants the Asian price plus €80/tonne,” the buyer said.
There was some tightness in the market, according to buyers.
The second settlement has still not been confirmed by a second buyer.
The MEG contract price was agreed on a free delivered (FD) NWE basis.
($1 = €0.77)
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