Initial Europe Dec benzene up €23/t in line with higher spot values

30 November 2009 17:30  [Source: ICIS news]

LONDON (ICIS news)--An initial European December benzene contract has settled up €23/tonne ($34/tonne) from November at €570/tonne, in line with higher spot values caused by ongoing export opportunities, one producer said on Monday.

The settlement was made at a dollar concept of $850/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at an officially agreed exchange rate of $1.4918 to €1, the seller involved in the negotiations said.

“On 27 November, the market fell all of a sudden because of the sudden crash in Dubai, and the average of deals done was at $847/tonne,” the source said.

“Nevertheless, most people agreed that the market should be higher than that, and so we settled at $850/tonne,” the seller added.

Spot benzene prices had remained strong throughout November as production issues in Asia had turned that market tight, creating opportunities for European sellers to export to both the US and Asia.

The November contract was agreed at $809/tonne or €547/tonne, based on the officially agreed exchange rate at the time.

Confirmation from other players was pending.

($1 = €0.67)

For more on benzene visit ICIS chemical intelligence
Please visit the complete ICIS plants and projects database
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