(ICIS) -- European March monoethylene glycol (MEG) contract discussions have reached a stalemate with producers pushing for a greater price rise than customers are prepared to pay, sources said on Thursday. February's contract settled up by ┬35/tonne at ┬1,070/tonne ($1,486/tonne).
One of the producers said that demand from the downstream polyethylene terephthalate (PET) market was performing well, despite shortages of PET's raw material, purified terephthalic acid (PTA). It added that a spate of upstream ethylene oxide (EO) and MEG shutdowns would contribute to a tighter MEG market in March.
A second supplier was in search of the mid-┬1,100s/tonne FD (free delivered) NWE (northwest Europe).
Spot was talked up to ┬960/tonne CIF (cost, insurance and freight) NWE, according to data from ICIS.