The European Monoethylene Glycol January Contract Price Was Fully Settled

The European monoethylene glycol January contract price was fully settled Wednesday at Eur1,068/mt ($1,422/mt) FD NWE, industry sources said Thursday. 

This represents an increase of Eur20/mt on December. 

The initial settlement was between seller Shell and buyer Indorama on January 9, but failed to gather another seller's support, sources had said. 

It was followed on Wednesday by seller Ineos with buyer Arteco, although neither party was immediately available to confirm. The two parties also settled an initial February contract price at Eur1,105/mt FD NWE. 

The increase in the European CP settlements for both months tracks the Asian development. SABIC, Shell and MEGlobal nominated the January Asia CP at $1,220/mt CFR, $1,250/mt CFR and $1,240/mt CFR respectively in December, representing an increase of $20/mt, $40/mt and $40/mt on December. For February, MEGlobal nominated ACP at $1,310/mt CFR, up $70/mt on the month.