Initial Europe November toluene agreed down by $50-55/tonne

01 November 2012 09:29  [Source: ICIS news]

LONDON ICIS)--An initial European November toluene contract has been settled at $1,335/tonne (€1,028/tonne), one major buyer said on Thursday, down $50-55/tonne from the previous month’s range.

While some downward correction had been expected as activity winds up ahead of year end, northwest Europe toluene supply is expected to remain tight and prices relatively bullish into 2013 on production constraints and strong derivative demand in eastern Europe.

One seller acknowledged that there were lower price indications from buyers in November, but still felt that the market would remain buoyant. The consumer involved in the first settlement previously said that there was a significant gap between buyers and sellers this month.

The contract was settled on a free on board (FOB) northwest Europe (NWE) basis, with further confirmation from other players pending.

($1 = €0.77)

By: Truong Mellor
+44 208 652 3214

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