02 November 2009 14:19 [Source: ICIS news]
LONDON (ICIS news)--An initial contract settlement for November European toluene has been agreed up at $775/tonne (€527/tonne), one producer said on Monday.
The agreement marked an increase of $40-47/tonne from the October settlement of $728-735/tonne FOB (free on board) NWE (northwest ?xml:namespace>
Spot toluene levels had gradually increased over the month, one producer who had not yet settled its contracts explained.
“When October was agreed we expected gasoline to weaken, but the opposite happened and during the month toluene supply became tight while gasoline prices firmed,” the source said.
Confirmation from other settlers was pending.
($1 = €0.68)
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