Initial Europe July benzene contract agreed at €754/t, down €80/t

30 June 2011 16:42  [Source: ICIS news]

LONDON (ICIS)--The European July benzene contract has been agreed at €754/tonne ($1,093/tonne), down €80/tonne from the previous month, two producers said on Thursday.

The settlement was made at a US dollar concept of $1,087/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the officially agreed exchange rate of €1 to $1.4425.

A decrease of $100/tonne or more was largely expected, given the recent decline in spot pricing. One consumer said that while it had heard the number, there was still some opposition to it on the buy side.

Further confirmation from other players is pending.

($1 = €0.69)

For more on benzene visit ICIS chemical intelligence

By: Truong Mellor
+44 208 652 3214

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