31 October 2011 16:10 [Source: ICIS news]
LONDON (ICIS)--The European November benzene contract has been agreed at €660/tonne ($930/tonne), down €41/tonne from the previous month, one seller confirmed on Monday.
The settlement was made at a US dollar concept of $935/tonne FOB (free on board) NWE (northwest ?xml:namespace>
A decrease was expected, as spot levels came down towards the end of October on oversupply because of weak styrene demand. Buying interest from the phenolic chain was also described by one player as softer in the fourth quarter.
As a result, downstream sources said that they expect a similar reduction for styrene in November.
However, with some tightness emerging for early November styrene on the back of delayed production restarts and the late arrival of scheduled imports from the
($1 = €0.71)
For more on benzene and styrene, visit ICIS chemical intelligence
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