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)
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