19 October 2012 12:01 [Source: ICIS news]
LONDON (ICIS)--The fourth quarter European cyclohexane (CX) fourth-quarter delta contract has been fully confirmed at €143/tonne ($186/tonne), an increase of €3/tonne, a second producer said on Friday.
The rise was the result of increased energy costs.
The initial settlement was concluded on 5 October, with a second buyer settling on 11 October. However, other producers at first refused to follow the initial settlement, which they argued was too low given the rise in costs. A second seller confirmed the initial settlement on Friday.
Negotiations were protracted, with other sellers at first refusing to follow. Other buyers involved in the contract settlement said that they would not accept prices above €140/tonne because of weak downstream margins, while other producers targeted a minimum of €145/tonne because of the need to recover margins against benzene.
The fourth quarter CX contract delta and the October Benzene contract yield an October CX contract of €1,141/tonne ex-works NWE (northwest Europe)
($1 = €0.77)
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