29 December 2005 13:16 [Source: ICIS news]
LONDON (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.
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