23 October 2012 16:55 [Source: ICIS news]
LONDON (ICIS)--A second European October monoethylene glycol (MEG) contract settlement has been agreed at an increase of €20/tonne ($26/tonne), the producer involved in the deal said on Tuesday.
The buyer involved in the settlement could not immediately be reached for full confirmation.
An initial MEG October settlement was agreed up by the same amount on Monday at €1,095/tonne FD (free delivered) NWE (northwest ?xml:namespace>
October contract negotiations have been protracted because of a sharp divide between buyers and sellers.
Producers have argued that October contract price increases are necessary because of high spot prices in Asia – a key driver of European MEG contract prices – and
Buyers, however, have argued that demand is too weak downstream to increase prices.
($1 = €0.77)
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