30 November 2012 15:46 [Source: ICIS news]
LONDON (ICIS)--An initial European benzene contract price for December has been agreed at €1,084/tonne, up €52/tonne from the previous month, one buyer said on Friday.
The settlement was made at a US dollar concept of $1,408/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the agreed exchange rate of €1:$1.2989.
While December spot prices have been as high as $1,430/tonne this week on continued bullishness owing to firm US and Asian numbers, the market has eased off slightly as December draws closer.
One trader earlier said it had expected a number closer to $1,420/tonne in line with spot developments this week, but felt that it should be lower as the high costs of benzene is making it difficult for downstream players to remain competitive.
“It’s not just aromatics,” the trader said. “It’s the same for plastics and the polymers. Look at the high price of propylene and butadiene.”
Further confirmation from other players is pending.
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