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)
For more on benzene visit ICIS chemical intelligence
To discuss issues facing the chemical industry go to ICIS connect
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections