Europe Nov phenol falls €481/t on benzene dive

07 November 2008 23:59  [Source: ICIS news]

LONDON (ICIS news)--The European November phenol contract experienced its biggest ever drop of €481/tonne ($608/tonne) from October to match the dramatic fall in benzene prices, producers and consumers said on Friday.

“The drop is a shock to the market but we have to pass it on to our customers,” a major producer said.

“Nobody understands what is happening,” said another producer, who said that it managed to keep some of the benzene price reduction at some smaller spot phenol accounts.

Market sources confirmed the €481/tonne price fall for freely negotiated and formula related contracts, taking the pre-discounted contract number to €790-830/tonne ($1,000-1,051/tonne) FD (free delivered) NWE (northwest Europe), according to global chemical market intelligence service ICIS pricing.

Europe November benzene settled down €481/tonne at €316/tonne FOB (free on board) NWE on Friday 31 October.

($1 = €0.79)

For more on phenol visit ICIS chemical intelligence
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By: Julia Meehan
+44 20 8652 3214

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