The February contract price of monoethylene glycol in Europe initially settled up Eur33/mt at Eur997/mt ($1,241/mt), both of the parties involved in the deal said Tuesday.
BASF and Indorama were the seller and buyer respectively.
The February contract price of feedstock ethylene fully settled up Eur20 at Eur1,077/mt in Europe Friday.
An increase in the contract price of MEG is widely expected after a surge in the spot price in both Europe and Asia in recent weeks. Demand in Europe has been strong in January on the back of a cold snap leading to a need for anti-freeze.
Imports into Europe have been down this month as a result of the price strength in Asia, adding further to the tightness in the market, according to sources.
S&P Global Platts assessed the spot price of MEG flat last week at Eur870/mt FCA NWE, after price rises in the preceding weeks.
