Initial Europe January MEG agreed up by €20/tonne

09 January 2013 12:00  [Source: ICIS news]

LONDON (ICIS)--An initial European monoethylene glycol (MEG) January contract has been agreed up by €20/tonne ($26/tonne) from December, the buyer involved in the settlement said on Wednesday.

The contract was agreed at €1,068/tonne FD (free delivered) NWE (northwest Europe).

“Asian spot went $40 up in December so we can't deny [MEG suppliers] this. It’s give and take,” the buyer said.

With ethylene rolling over in January and European spot still featuring in the high €800s/tonne CIF (cost, insurance and freight) NWE, there was no justification to go beyond a €20/tonne increase on the contract, the buyer added.

A second buyer said the figure was in line with its expectations, but a supplier described €1,068/tonne as “ridiculous” because of the availability situation.

($1 = €0.76)

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