Europe December MEG confirmed down by €22/tonne

07 December 2012 14:52  [Source: ICIS news]

LONDON (ICIS)--The European monoethylene glycol (MEG) December contract has been agreed and fully confirmed down by €22/tonne ($29/tonne) from November, the buyers and sellers involved in the settlement said on Friday.

The contract was agreed at €1,048/tonne FD (free delivered) NWE (northwest Europe).

"The direction is as expected, perhaps a little higher than forecast," a customer said in reaction to the news. This statement echoed comments made by other buyers who said the figure was more or less in line with their expectations.

The second seller said, "For the sake of getting a number confirmed and getting clarity we therefore followed. It will cost us margin because ethylene rolled over."

The seller added that the decrease reflected falling European and Asian spot prices over the past month.

($1 = €0.77)

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By: Caroline Murray
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