01 September 2010 14:38 [Source: ICIS news]
LONDON (ICIS)--The European September toluene contract was confirmed at $735-736/tonne (€581/tonne) on Wednesday, down $10-14/tonne from the previous month, as the initial settlement received further support from players.
According to one of the buyers involved, the market was still thin and spot indications remained vague, which made pegging September values difficult.
“The spot market is still very quiet,” said another consumer.
There was talk among some players that demand could pick up in September from hydro-dealkylation (HDA) units, which produce benzene from toluene.
However, one source questioned whether the demand for benzene would be there, given the current shutdown at BASF’s styrenics unit at Antwerp, which was expected to last until the second half of September.
The contract was agreed on a free on board (FOB) northwest Europe (NWE) basis.
($1 = €0.79)
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