05 May 2011 10:44 [Source: ICIS news]
LONDON (ICIS)--European May toluene contracts have been confirmed at $1,180–1,190/tonne (€791–797/tonne), up $105/tonne from the previous month, as the initial settlement gained further support from players on Thursday.
One seller earlier confirmed it had agreed May volumes at $1,180/tonne, in line with current spot numbers.
On Thursday, another supplier said it had settled May at $1,190/tonne, the increase driven primarily by stronger gasoline prices in Europe as well as the ?xml:namespace>
Several buyers also confirmed they had agreed May contracts within this range, adding that volatility seen on crude prices and exchange rates at the end of April had led to some upward global momentum, making negotiations tricky.
Despite thin trading activity, European toluene values have moved up during the past month on the back of firm gasoline-blending interest as well as limited supplies coming into the NWE (northwest Europe) region from
Players described the ARA (
The contracts were agreed on an FOB (free on board) NWE basis.
($1 = €0.67)
For more on toluene, visit ICIS chemical intelligence
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|