NewsFlashInitial Europe April benzene falls €45/t

31 March 2008 16:14  [Source: ICIS news]

LONDON (ICIS news)--An initial April benzene contract has been settled down €45/tonne ($71/tonne) on March, on the back of a downturn in spot pricing and a weakened US dollar, a major European consumer and producer said on Monday.

 

“I have confirmed with my suppliers at €742/tonne, or $1172/tonne, at an exchange rate of €1 equals $1.58,” the consumer said.

 

The monthly benzene contract is settled on an FOB (free on board) NWE (northwest Europe) basis.

 

This marked a decrease of €45/tonne the March contract, which was settled at €787/tonne FOB NWE. 

 

For the dollar concept, the decrease was $18/tonne, with the larger euro difference caused by a general weakening of the dollar’s value during the past month.

 

Further confirmation of the number from other contract partners was pending but players who were yet to settle said that they would follow the initial settlement.

 

($1 = €0.63)

By: Peter Salisbury
+44 20 8652 3214

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