05 April 2011 16:19 [Source: ICIS news]
LONDON (ICIS)--An initial European mono ethylene glycol (MEG) April contract has settled down by €30/tonne ($43/tonne) at €1,100/tonne, the producer involved in the deal said on Tuesday.
A second producer said it had followed the initial settlement, which was done on a free delivered (FD) northwest Europe (NWE) basis. Confirmation from the buyers is still pending.
The fall in price was attributed to softening values in Asia due to low demand. Prices in Asia are used as a benchmark for European contract discussions
MEGlobal nominated its April Asian Contract Price (ACP) on 11 March at $1,350/tonne CFR (cost and freight) Asia, down by $30/tonne from its March level.
SABIC rolled over its April ACP at $1,400/tonne CFR Asia from March. Shell hiked its April ACP by $50/tonne to $1,400/tonne CFR Asia.
($1 = €0.70)
Additional reporting by Caroline Murray
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