Europe April MEG contract price confirmed at a rollover of €900/tonne

17 April 2014 07:42 Source:ICIS News

LONDON (ICIS)--The initial European monoethylene glycol (MEG) April contract has been followed and fully agreed at €900/tonne, a rollover from March, the second buyer and seller said on Wednesday night.

The news came the day two other parties settled on €900/tonne FD (free delivered) NWE (northwest Europe) as the initial contract figure.

Observers of the process were anticipating minimal moves, if any.

However, buyers had been seeking a lower price to reflect Asian developments in March.

"It is too high. Rejected to make second settlement," a third buyer said on Thursday morning.

Sellers were targeting an increase to recover lost margins and tightening supply.

The shutdown season on upstream ethylene oxide (EO) and ethylene glycols began in March.

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By Caroline Murray