Initial Europe October benzene contract settles down €71/t

01 October 2009 12:48  [Source: ICIS news]

LONDON (ICIS news)--An initial European October benzene contract has been settled down €71/tonne at €505/tonne, in line with lower spot values caused by a longer market, one producer said on Thursday.

The settlement was made at a dollar concept of $734/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at an officially agreed exchange rate of $1.4549 to €1, the producer involved said.

Players said that the decrease had been expected since September spot deals had almost continuously traded below the contract price, as supply lengthened and prices in other regions also weakened.

Confirmation from other players was pending.

The September contract was agreed at $828/tonne, or €576/tonne based on the officially agreed exchange rate at the time. It signalled the first contractual decrease of the year, at almost 20% or $217/tonne from August. 

($1 = €0.68)

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


By: Madelon Ten Cate
+44 20 8652 3214



AddThis Social Bookmark Button

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