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High European MEG prices are dampening demand

August 29/2011

(ICIS) -- High European monoethylene glycol (MEG) spot prices are dampening demand, buyers said on Friday. Europe is too high...if [our] customers arent buying at these numbers, why should we? a buyer said, adding that the current price kills demand. Bulk price ideas are between EUR 950-1,000/tonne (USD 1,357-1,429/tonne) CIF (cost, insurance and freight) NWE (northwest Europe), according to ICIS.

Europe is a net importer and has been receiving spot product from the US where prices command a replacement cost of around EUR 940-950/tonne CFR (cost and freight) NWE, a trader explained. A  reseller would have to add to this in order to make a profit.

European producers said recently that their prices had stepped up to those of alternative imports, particularly as there are domestic shutdowns planned for September and the fourth quarter. The lack of bulk material has added an element of tightness to what is otherwise a balanced market, at least for now, players said.

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