NewsFlashSharp drop seen on Sep Euro benzene contract

26 August 2005 17:25  [Source: ICIS news]

BASF Antwerp ethylbenzene styrene plantLONDON (ICIS news)--The September European benzene contract price is expected to drop by Euro80-90/tonne on Tuesday, market players confirmed on Friday.
Spot prices fell heavily this week, from the $770s/tonne free on board (FOB) Rotterdam at the beginning of the week to $705/tonne at the end. This is Euro96/tonne below the August contract price of Euro669/tonne FOB Northwest Europe.
Negotiations are due to take place on Tuesday, the last working day of the month, and a euro settlement will be calculated on the basis of the US dollar spot price on the day. 
European spot prices have been depressed by a very long market, particularly in the US, where producers have been attempting to bring the market into better balance by shutting capacity.

By: Barbara Ortner
+44 20 8652 3214

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