29 October 2012 17:04 [Source: ICIS news]
LONDON (ICIS)--The European monoethylene glycol (MEG) October contract has been fully confirmed at €1,095/tonne ($1,422/tonne), a second buyer involved in the settlement said on Monday.
This is an increase of €20/tonne compared with September.
An initial MEG October settlement was agreed on Monday 22 October up by the same amount at €1,095/tonne FD (free delivered) NWE (northwest Europe). The settlement was followed on Tuesday 23 October, a second seller involved reported, but the buyer involved could not be reached for confirmation until now.
October contract negotiations have been protracted because of a sharp divide between buyers and sellers.
Producers argued that October contract price increases are necessary because of high spot prices in Asia – a key driver of European MEG contract prices.
Buyers, however, had argued that demand is too weak downstream to increase prices.
($1 = €0.77)
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