Europe April MEG contract agreed at €50/tonne fall

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)

By: Mark Victory
+44 208 652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly