NewsFlashFirst Euro Jan benzene contract at Euro603/mt

29 December 2005 13:16  [Source: ICIS news]

Benzene contract price settlesLONDON (ICIS news)--The first January European benzene contract price was agreed on Thursday at Euro603/tonne FOB NWE, an increase of Euro111-113/tonne (23%) from December, by a major consumer and all of its suppliers.

The contract was settled at $718/tonne, equivalent to Euro603/tonne free on board (FOB) Northwest Europe (NWE), using the exchange rate of 1.1916, the consumer confirmed.

The spot market on Thursday had been quoted at $710-725/tonne cost, insurance and freight (CIF) Rotterdam, after deals on Wednesday afternoon at $718/tonne CIF and $718.50/tonne CIF for January.

One trader described the settlement as predictable, although a producer doubted whether other large consumers which had recently been instrumental in settling the monthly contract would be prepared to follow.

By: Barbara Ortner
+44 20 8652 3214

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