Europe October toluene confirmed down $45-47/tonne

01 October 2009 16:20  [Source: ICIS news]

LONDON (ICIS news)--European October toluene contracts have been confirmed down $45-47/tonne (€31-32/tonne) from September, as the initial settlement received further support on Thursday.

The contracts were agreed at $728-735/tonne (€495-500/tonne) FOB (free on board) NWE (northwest Europe), down from September’s $775-780/tonne.

One producer and one buyer confirmed that they had settled October contracts at $730/tonne. Another supplier later said that it had agreed October levels at a range of $730-735/tonne, while one consumer said it had settled at $728/tonne.

“The market is very quiet,” said one of the suppliers involved. “Supply is still limited because refinery operating rates are still down, but there has been a dearth of spot business. We have only seen offers recently, not bids.”

Another source agreed: “There have been no spot deals, so it has been difficult to peg levels.”

One buyer added: “We have seen no spot business. There is some imported material but very few cargoes from trade. There should be more output later in the year, but demand will be difficult to predict.”

“Demand is down, but that is only part of the picture,” said another of the producers involved. “We have to look at the wider market situation.”

($1 = €0.68)

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By: Truong Mellor
+44 208 652 3214

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