29 April 2013 15:20 [Source: ICIS news]
LONDON (ICIS)--The European monoethylene glycol (MEG) April contract price has settled at €1,020/tonne ($1,325/tonne), down €50/tonne from March, buyers and sellers confirmed on Monday.
The initial settlement was agreed on Friday.
The April agreement follows lengthy deliberations and a total reduction of €160/tonne on ethylene during April and May.
May should see a further reduction in the MEG contract price, with mid-€900s/tonne already being mentioned as a potential price.
The buyer involved in the second agreement said it had followed the initial April price in order to reach a settlement.
“We followed to get a settlement ... Finally a settlement,” the buyer said.
The contract settlement was done an a free delivered (FD) northwest Europe (NWE) basis.
Additional reporting by Caroline Murray
($1 = €0.77)
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