05 March 2010 13:50 [Source: ICIS news]
BRUSSELS (ICIS news)--The European March benzene contract price has been agreed up by €18/tonne ($24/tonne) from February at €741/tonne, two sellers and multiple consumers confirmed on Friday.
An initial settlement was agreed on 26 February between at least one seller and several buyers, and was made at a dollar concept of $999/tonne, which was a decrease of $13/tonne from February, mainly based on the stronger US dollar.
However, one European seller did not want to agree to the settlement at the time, adding that invalid arguments had been used to bring the price down.
This had caused some confusion in the market, especially among downstream customers, who were uncertain if the level of €741/tonne was sustainable.
On Friday morning, however, another seller confirmed the €741/tonne and $999/tonne prices.
($1 = €0.74)
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