Initial Europe August MEG contract settles at €1,048/tonne

01 August 2011 15:38  [Source: ICIS news]

LONDON (ICIS)--An initial European monoethylene glycol (MEG) August contract settlement has been finalised at an increase of €4/tonne ($6/tonne) from July, the buyer and seller involved in the deal confirmed on Monday.

The initial August contract settled at €1,048/tonne FD (free delivered) NWE (northwest Europe).

European producers had been targeting an increase over July’s €1,044/tonne settlement, with one supplier to Europe seeking an increase to approximately €1,100/tonne FD NWE for August, to reflect firming market conditions. 

Fresh available imports are rare and pricing, particularly spot, is on the up globally. The arguments for an increase become stronger day by day, one of the producers added.

($1 = €0.69)

Additional reporting by Caroline Murray

For more on MEG visit ICIS chemical intelligence 

By: Mark Victory
+44 208 652 3214

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