02 April 2013 15:53 [Source: ICIS news]
LONDON (ICIS)--The European methanol contract price for the second quarter has been agreed at €390/tonne ($500/tonne), up €20/tonne from the previous quarter, players involved in the settlement said on Tuesday.
Several buyers had been trying to avoid an increase and had rejected €390/tonne when it was offered last week.
However, once an initial agreement was made between a buyer and a seller, other consumers conceded it was too late to get a lower number on the table.
The European contract price is settled on a FOB (free on board) Rotterdam basis.
($1 = €0.78)
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