Europe July benzene confirmed down €95 at €680/tonne

01 July 2010 10:26  [Source: ICIS news]

LONDON (ICIS news)--European July benzene was confirmed down €95/tonne at €680/tonne on Thursday as the initial settlement received further support from players in the market.

The settlement was made late on Wednesday at a dollar concept of $830/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at an officially agreed exchange rate of $1.2198 to €1.

“This number was expected,” said one seller. “This is where the July market has been over the last week.”

One of the buyers involved said the market was looking longer for July, partially due to the scheduled arrival of material from Asia but also helped by crackers running heavier feedstocks and the end of several production issues and shutdowns in the market.

Another buyer added: “The market has been tight for several months. With the arrival of the imports, supply is looking well balanced again.”

($1 = €0.82)

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By: Truong Mellor
+44 208 652 3214

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