Initial Europe October MEG agreed up by €20/t at €1,095/tonne

22 October 2012 10:11  [Source: ICIS news]

LONDON (ICIS)--An initial European monoethylene glycol (MEG) October contract has been agreed at €1,095/tonne ($1,422/tonne) FD (free delivered) NWE (northwest Europe), an increase of €20/tonne compared with September, the producer and buyer involved in the settlement said on Monday.

October contract negotiations have been protracted because of a sharp divide between buyers and sellers.

Producers argue that October contract price increases are necessary because of high spot prices in Asia – a key driver of European MEG contract prices – and Europe.

Buyers, however, argue that demand is too weak downstream to increase prices.

Contract negotiations are ongoing.

($1 = €0.77)

By: Mark Victory
+44 208 652 3214

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