LONDON ,July 08-There has been no progress with European July monoethylene glycol contract discussions as buyers and sellers remain far apart on how far the price should drop, sources said on Thursday.
[The suppliers ] offers are not logical when compared to Asia. They are asking around ?00/tonne when the price should be ?20-730/tonne ($911-924/tonne), a contract buyer said.
It added that with a ?2/tonne decrease in the cost of upstream ethylene this month, closer to ?50/tonne should be possible on MEG. It would not be realistic to expect a drop of ?00/tonne from June s ?20/tonne FD (free delivered) NWE (northwest Europe), it said.
Discussions are very slow and so far there are not many moves from our side. The market is dry, a supplier looking for ?05-810/tonne explained.
Some industry players said they would use a clause to allow retrospective pricing to come into play once the price was known. The delay in the July contract settlement was causing concerns for others, however.
The contract could go down by ?0/tonne or by ?0-70/tonne. This can make a massive difference in the way I behave in my sales, a trader said.
($1 = ?.79)
[The suppliers ] offers are not logical when compared to Asia. They are asking around ?00/tonne when the price should be ?20-730/tonne ($911-924/tonne), a contract buyer said.
It added that with a ?2/tonne decrease in the cost of upstream ethylene this month, closer to ?50/tonne should be possible on MEG. It would not be realistic to expect a drop of ?00/tonne from June s ?20/tonne FD (free delivered) NWE (northwest Europe), it said.
Discussions are very slow and so far there are not many moves from our side. The market is dry, a supplier looking for ?05-810/tonne explained.
Some industry players said they would use a clause to allow retrospective pricing to come into play once the price was known. The delay in the July contract settlement was causing concerns for others, however.
The contract could go down by ?0/tonne or by ?0-70/tonne. This can make a massive difference in the way I behave in my sales, a trader said.
($1 = ?.79)
