Initial February benzene contract settles up €122/tonne

31 January 2011 19:24  [Source: ICIS news]

LONDON (ICIS)--An initial European February benzene contract was agreed at €1,001/tonne, up €122/tonne from the January settlement, a seller said on Monday.

The settlement was made at a US dollar concept of $1,373/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the officially agreed upon exchange rate of €1 to $1.3716.

A sizable increase was expected for February in light of the gains seen for spot cargo over the last week, as a spate of cracker outages tightened the European market and drove up prices.

Further confirmation from other players was pending.

($1 = €0.74)

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By: Truong Mellor
+44 208 652 3214

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