01 June 2012 16:55 [Source: ICIS news]
An initial agreement was heard between one producer and one buyer, and this was quickly followed by other parties in the market.
“Benzene was a tough one to predict,” said the buyer involved in the initial settlement, adding that the increase for the feedstock had been supported by the ongoing tightness in the first half of May.
The buyer added: “A rollover seems fair, as the markets are all underwater now anyway. If you look at the newspapers it is all doom and gloom.”
The contract price was agreed on a free delivered (FD) northwest Europe (NWE) basis.
($1 = €0.81)
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