Initial Europe Feb benzene agreed at €979/tonne, up €114-119/tonne

31 January 2012 15:41  [Source: ICIS news]

LONDON (ICIS)--An initial European February benzene contract has been agreed at €979/tonne, up by €114–119/tonne from the previous month, one buyer and one seller said on Tuesday.

One major European buyer said that it had agreed the number for February with all its suppliers. The number was also confirmed by another seller.

“This is the first initial settlement, yes,” said the seller, adding: “Not everybody is on board though, I hear.”

An increase above €100/tonne had been widely expected for February following steady spot market gains throughout January on the back of firm crude numbers, limited feedstock availability and strong benzene prices in both the US and Asia.

The settlement was made at a US dollar concept of $1,283/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the agreed exchange rate of €1 to $1.3105. Further confirmation from other market participants is pending.

($1 = €0.76)

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By: Truong Mellor
+44 208 652 3214

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