31 October 2012 17:10 [Source: ICIS news]
LONDON (ICIS)--An initial European benzene contract price for November has been agreed at €1,032/tonne, up €34/tonne from the previous month, one buyer said late on Wednesday.
The settlement was made at a US dollar concept of $1,338/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the agreed exchange rate of €1:$1.2965.
Despite some softening among key derivative markets, European benzene prices remain bullish on strong fundamentals stemming from tighter availability of feedstock pyrolisis gasoline (pygas).
Several downstream sources in the polyamide market had been braced for an increase of approximately €30/tonne, and said that further increases for benzene would prove “a disaster.”
Further confirmation from other players is pending.
Additional reporting by Mark Victory
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