Contact price MEG Europe
Contact price of MEG in Europe for December deliveries decreased by EUR100 per ton Contact price MEG Europe
MOSCOW- The contract price of monoethylene glycol (MEG) in Europe for December deliveries was agreed at EUR825 per ton, which is EUR100 per ton below November contract prices, ICIS was informed by two buyers and sellers.
The buyer said that the reduction in MEG prices was due to a wide supply of material in Europe and a decrease in prices in Asia. The contract price was agreed on the terms of FD NWE (with delivery to Northeast Europe). Contact price MEG Europe
Market players were expecting a decline in MEG prices, since ethylene feedstock prices dropped significantly in December. Thus, the contract price of ethylene in Europe for December deliveries was finally agreed at the level of EUR1,025 per tonne, which is EUR110 per tonne lower than the level of November.
In addition, consumption of polyethylene terephthalate (PET) from the market declined after the announcement of force majeure by Indorama Ventures in Rotterdam in the Netherlands in late November. Contact price MEG Europe
Earlier it was reported that the contract price of monoethylene glycol (MEG) for November in Europe was finally agreed at EUR925 per tonne, which is EUR74 per tonne lower than the previous month.
MEG along with terephthalic acid (TFA) is one of the main components for the production of polyethylene terephthalate (PET). Contact price MEG Europe
According to ICS-MRC ‘s Price Review , the fall in prices on the world markets for raw materials and PET granules continues to push prices down in the domestic market of Russia. The cost of the December volumes of Russian manufacturers for contract and spot buyers is aggressively reduced. Contact price MEG Europe
November was generally a month of low demand in the market for injection molded PET. In December, an increase in the consumption of granules by Russian processors is expected in comparison with November.
Author: Anna Larionova