26 April 2013 16:09 [Source: ICIS news]
LONDON (ICIS)--An initial European monoethylene glycol (MEG) April contract has been agreed at €1,020/tonne ($1,325/tonne), down €50/tonne from March, the buyer and seller involved said on Friday.
The contract settlement was done an a free delivered (FD) northwest Europe (NWE) basis.
“The May price will go down for sure,” the buyer said, adding that the amount was still not known.
In reaction to the news, a second seller said, “ I would be willing to follow at this level. I’m glad it's not a double settlement.”
This follows lengthy deliberations and a total of €160/tonne down on ethylene during March and April.
($1 = €0.77)
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