Initial Jan Europe toluene settles up amid higher spot, tight market

31 December 2009 11:48  [Source: ICIS news]

LONDON (ICIS news)--Several initial January European toluene settlements have been agreed up approximately $83-85/tonne at around $855-870/tonne (€599-609/tonne), amid higher spot levels in a tight market, two sellers and one buyer said on Thursday.

“We see a tight market in Europe,” one of the sellers said, adding that this was caused by a combination of circumstances.

“All across the chain there are low stocks for the year-end, but at the same time there is good demand in Europe,” the producer said.

A prompt spot deal, meanwhile, was reported from Wednesday above $880s/tonne FOB (free on board) Rotterdam, higher than previous levels of $825-850/tonne as offers were not forthcoming.

The contract was agreed on an FOB northwest Europe (NWE) basis.

Confirmation from other players was pending.

($1 = €0.70)

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By: Madelon Ten Cate
+44 20 8652 3214

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