The European monoethylene glycol May contract price was fully settled Thursday Eur965/mt ($1,252/mt) FD NWE, industry sources said Friday.
It represents a fall of Eur55/mt from April The initial settlement was between Shell as a seller with Indorama, the buyer said. Shell did not confirm. It was followed by Ineos as a seller with Arteco, neither party was immediately available to confirm.
The decrease was driven by feedstock ethylene's tumble. The May ethylene contract price settled at Eur1,165/mt FD NWE, down Eur100/mt on April.
Asian June nominations for MEG were static. SABIC nominated its June 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.
