An initial European monoethylene glycol May contract price was settled lower by Eur55/mt ($71/mt) to Eur965/mt FD NWE Thursday, industry sources said.
The parties involved could not be immediately confirmed.
The decrease was driven by feedstock ethylene's tumble. May ethylene contract price settled at Eur1,165/mt FD NWE, down Eur100/mt on April.
Also, Asian June nominations for MEG saw a sideways movement. SABIC nominated its May Asia contract price for MEG at $1,150/mt CFR, unchanged from May, a company source said Tuesday.
There are three MEG ACP sellers in Asia: MEGlobal, SABIC and Shell. On May 14, MEGlobal nominated its June MEG ACP at $1,190/mt CFR, also unchanged from May. Shell has not yet announced its June MEG ACP.
Since the beginning of the month European MEG spot prices have shed Eur60/mt to be assessed Friday at Eur785/mt FCA NWE amid slack incremental demand from downstream derivatives of polyethylene terephthalate, antifreeze and screenwash.
