28 September 2012 16:21 [Source: ICIS news]
Correction: In the ICIS story headlined "Initial Europe October benzene settles down €28/t at €998/tonne" dated 28 September 2012, please read in the second paragraph ...agreed exchange rate of €1:$1.2876... instead of ...agreed exchange rate of €1:$1.2896... A corrected story follows.
LONDON (ICIS)--An initial European benzene contract price for October has been agreed at €998/tonne, down €28/tonne from the previous month, one seller said on Friday.
The settlement was made at a US dollar concept of $1,285/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the agreed exchange rate of €1:$1.2876.
A slight decrease in dollar terms had been expected, as the spot market has fallen over the past week in tandem with softer oil and energy numbers.
However, the downward movement was tempered by ongoing supply restrictions for the first half of October, and the overall bullishness seen in the market is expected to continue into the fourth quarter.
Further confirmation from other players is pending.
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