29 June 2012 17:54 [Source: ICIS news]
LONDON (ICIS)--An initial European benzene contract price for July has been agreed at €953/tonne, a decrease of €68/tonne from the previous month, one seller confirmed on Friday.
The settlement was made at a US dollar concept of $1,183/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the agreed exchange rate of €1:$1.2418.
Participants in the benzene market described June as an extraordinary month in terms of pricing, which skyrocketed because of various planned and unplanned outages.
Although production at Dow, Total and ExxonMobil, was due to come back on stream this week, benzene prices for the first half of July were at a premium to any July deliveries.
August benzene prices were heavily backwardated at $1,085-1,100/tonne price range.
Further confirmation from other players is pending.
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