UpdateSecond Europe toluene falls $165-175/t

02 October 2008 17:14  [Source: ICIS news]

(updates throughout)

LONDON (ICIS news)--A second October European toluene contract has been concluded down $165-175/tonne (€117-124/tonne), $65/tonne lower than the initial settlement on falling energy complex values, participating parties said on Thursday.

"We settled at $870/tonne earlier today," a source at a major consumer reported.

Monthly toluene contracts are settled on a free on board (FOB) northwest Europe (NWE) basis.

The producer involved confirmed the settlement, with both players citing an illiquid and volatile spot market for the differential between their number and the contract reported earlier in the week by another producer at $935/tonne FOB NWE.

"The market has changed since last week and it was no longer possible to go for $900/tonne plus," a source at the producer said. "It changes every day, and the market is really thin."

The previous week, business had been done at $935/tonne FOB Rotterdam, but market participants gave values of $850-890/tonne FOB Rotterdam on Thursday.

September settlements were concluded within a $1,035-1,045/tonne FOB NWE range, according to global chemical market intelligence service ICIS pricing.

($1 = €0.71)

For more on toluene visit ICIS chemical intelligence
To discuss issues facing the chemical industry go to ICIS connect

 

By: Peter Salisbury
+44 20 8652 3214

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