Initial Europe March benzene rolls over at €1,001/tonne

01 March 2011 09:46  [Source: ICIS news]

LONDON (ICIS)--An initial European March benzene contract has been agreed at €1,001/tonne ($1,390/tonne), unchanged from the February settlement, a seller and a buyer said on Tuesday.

The settlement was made at a US dollar concept of $1,378/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the officially agreed exchange rate of €1 to $1.3766.

Negotiations for March had been predicted to be tough, given the recent volatility in crude and energy prices stemming from the unrest in Libya and other parts of the Middle East.

However, the majority of players said that the March contract would remain relatively unchanged, in line with recent spot levels.

“An agreement at $1,378/tonne is pretty stable and reflects yesterday’s discussions,” said one major buyer. “There was also some talk of a rollover in US dollars, but €1,001/tonne is fair.”

Further confirmation from other players was pending.

($1 = €0.72)

For more on benzene visit ICIS chemical intelligence

By: Truong Mellor
+44 208 652 3214

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