Final consumer may not settle Oct Europe toluene

15 October 2008 18:17  [Source: ICIS news]

LONDON (ICIS news)--A consumer key to European monthly toluene contract negotiations had yet to reach an agreement with its contract partner on Wednesday, and said that final confirmation of a public settlement was unlikely.

“I can’t give numbers because we haven’t fully settled,” the consumer source said.  “Some people settled before EPCA [the 27-30 September European Petrochemical Association meeting] , when numbers were higher, and others settled lower after crude oil fell,” he added in explanation of disparate and difficult settlements seen for October.

An initial settlement had been reported on 30 September within a $920-950/tonne (€672-694/tonne) FOB (free on board) NWE (northwest Europe) range, later refined to a single number of $935/tonne FOB NWE.  The settlement had been made the previous week on the basis of spot levels, the seller said.

On 2 October, a second settlement was confirmed at $870/tonne FOB NWE.

Bids for October loading toluene had fallen to $640/tonne FOB Rotterdam by 15 October, with offers heard at $740/tonne FOB Rotterdam, $130-195/tonne lower than the monthly settlements heard earlier in the month. 

A final assessment of contract prices by global chemical market intelligence service ICIS pricing would be made on Friday 17 October.

($1 = €0.73)

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

By: Peter Salisbury
+44 20 8652 3214

< previous article(VIDEO - ICIS news Europe Lunchtime Bulletin 28 October 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly