08 June 2012 12:07 [Source: ICIS news]
LONDON (ICIS)--European toluene contracts for June have been confirmed lower at $1,195-1,200/tonne (€944-948/tonne), down by $25-30/tonne from the previous month.
One buyer initially confirmed it had settled June contracts at $1,195/tonne and $1,200/tonne with several of its suppliers, and these numbers were later supported by other players in the market.
One producer later confirmed it settled June volumes at $1,200/tonne, adding that the ongoing illiquidity of the spot market kept negotiations difficult again this month.
Another major supplier confirmed later in the week that it had agreed June volumes within a range of $1,195-1,200/tonne with all of its customers.
The decrease was essentially in line with where the spot market had last been active, although the continued bearishness of crude and energy numbers added some further downward pressure.
There were reports of a June contract settling as high as $1,220/tonne, but this remained unconfirmed by any parties involved.
The contracts were settled on a free on board (FOB) northwest Europe (NWE) basis.
($1 = €0.79)
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