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European MEG market is still undecided about September contract settlements

September 14/2011

(ICIS) -- The European monoethylene glycol (MEG) market is still undecided about which of the two initial September contract settlements to follow, sources said on Wednesday. I think in the case of doubt the benefit should go to the customer, not the supplier, a contract customer said.


He added that EUR 1,105/tonne (USD 1,514/tonne), the lower of the two numbers, would be preferable to the EUR 1,110/tonne, as a EUR 57/tonne increase from August is already significant. The market has two first settlements that were concluded on 1 September.


I would assume that in the end one [of the contracts] will be confirmed, said a producer. There were suggestions that if four other parties were to agree a figure in the middle of the two existing contract agreements, the matter would be resolved. However, a second customer said this scenario was unlikely.


A third customer has proposed EUR 1,105/tonne to its supplier, who has rejected it. The August contract at EUR 1,048/tonne was agreed at the same time as the initial September prices were announced.


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