01 February 2012 11:52 [Source: ICIS news]
LONDON (ICIS)--Initial European toluene contracts for February have been agreed at $1,190–1,195/tonne (€904–908/tonne), up by $120–130/tonne from the previous month, on the back of rising spot values in January and an increasingly tight supply/demand dynamic, one seller said on Wednesday.
“The increase was no great surprise,” said the seller, adding that it was in line with current spot indications.
There were reports of a February deal earlier this week at $1,195/tonne, but this was so far unconfirmed. Sources said there were offers for February material at $1,205/tonne.
The settlements were done on a free on board (FOB) northwest Europe (NWE) basis. Further confirmation from other parties is pending.
($1 = €0.76)
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