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



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