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Europe March MEG contract talks at stalemate

March 03/2011

(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. Februarys 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 PETs 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.

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