Second European June MEG contract settlement confirmed

14 June 2012 09:41  [Source: ICIS news]

LONDON (ICIS)--A second European monoethylene glycol (MEG) June contract settlement has been concluded at €925/tonne ($1,171/tonne), a decrease of €54/tonne from May, a buyer and seller confirmed on Thursday.

"I have just agreed… €925/tonne for June contract delivery," the buyer said, adding that spot prices should now drop lower than net contract.

Spot prices have fallen by over €100/tonne CIF (cost, insurance and freight) NWE (northwest Europe) to below €800/tonne since March, when the contract price was €1,070/tonne FD (free delivered) NWE.

The first agreement was made on Monday 11 June.

($1 = €0.79)

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By: Caroline Murray
44208 652 3214

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