London — The Northwest European contract price for European monoethylene glycol for February has initially settled at Eur760/mt ($862/mt) FD NWE, down Eur30/mt month on month, market sources said Thursday.
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This was confirmed by the producer and the consumer who reached the settlement.
The drop came amid anticipations of strong supplies from new plants in US hitting European shores. Also, the February contract price for MEG feedstock ethylene settled at a rollover from January and at Eur985/mt FD NWE.
A MEG contract is considered to be fully settled if two separate sets of a producer and a consumer reach the settlement at the same number.
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