UpdateEPCA ’08: 1st Oct toluene hits $920-950/t

30 September 2008 12:24  [Source: ICIS news]

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MONTE CARLO (ICIS news)--An initial European October toluene contract has been settled down $105-115/tonne (€72-79/tonne) in line with recent business and energy complex losses, a source close to a major producer said on Tuesday.

Speaking on the sidelines of the European Petrochemicals Association (EPCA) meeting, the source said that a settlement had been reached on the previous Friday within a $920-950/tonne FOB (free on board) NWE (northwest Europe) range.

“We’re as happy as we can be,” said the source, adding that the decrease was in line with business seen during the previous week in a largely illiquid market.

The decrease was attributed to energy complex losses see in September as crude oil fell below $100/bbl.

September contracts were settled within a $1,035-1,045/tonne FOB NWE range.

($1 = €0.69)

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By: Peter Salisbury
+44 20 8652 3214

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