29 February 2012 17:50 [Source: ICIS news]
LONDON (ICIS)--An initial European benzene contract settlement for March has been agreed at €927/tonne, down €52/tonne from the previous month, one seller said on Wednesday.
The settlement was made at a US dollar concept of $1,247/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the agreed exchange rate of €1:$1.3452.
Following continued gains so far this year, a reduction for the March contract was widely expected, as spot prices have weakened over the course of the month on slower demand from the phenol and cumene markets, as well as the improved availability of pyrolisis gasoline (pygas) keeping European benzene supply adequate.
“Lower costs for styrene looks like a feasible outcome,” the consumer added.
Further confirmation from other players is pending.
Follow Truong Mellor on Twitter for daily tweets on the aromatics markets
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