28 November 2008 17:58 [Source: ICIS news]
(adds detail from paragraph 3)
LONDON (ICIS news)--Initial December benzene contracts have been settled down €131/tonne or 41% from November on weak demand and lower energy complex values, market sources said on Friday.
The settlement was made at a dollar concept of $238/tonne or $239/tonne FOB (free on board) NWE (northwest Europe) and converted to a euro price of €185/tonne FOB NWE at an officially agreed exchange rate of $1.29 to the euro, according to a major buyer.
“This is extreme, we hope we have reached the bottom now,” one producer said.
Another producer said that “nobody is really satisfied, with the spread between benzene and naphtha at $70-80/tonne”.
The last time a European contract price was settled at less than €300/tonne was in May 2003, when the contract was agreed at €290/tonne FOB NWE.
December spot prices were assessed at $240-250/tonne CIF (cost, insurance, freight) ARA (?xml:namespace>
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