Europe October MEG contract confirmed at €1,136/tonne, up €31/tonne

12 October 2011 14:48  [Source: ICIS news]

LONDON (ICIS)--The European October monoethylene glycol (MEG) contract price is now fully confirmed at €1,136/tonne ($1,556/tonne), up €31/tonne from September, a producer and a customer said on Wednesday.

“I have agreed … that they will invoice our contract MEG for October at an ECP (European contract price) of €1,136/tonne FD (free delivered) NWE (northwest Europe),” the buyer said.

The confirmation follows an initial agreement settled on 7 October.

Producers have been targeting a higher figure and are focused on firm fundamentals in Asia.

“Globally, the MEG market is balanced-to-short. We should be looking for global pricing,” the producer said.

The state of demand is a concern for customers who have avoided buying large spot quantites for fear of being caught with high-priced stock.

Additional reporting by Mark Victory

($1 = €0.73)

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By: Caroline Murray
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