07 December 2012 10:45 [Source: ICIS news]
LONDON (ICIS)--December toluene contracts were confirmed at $1,295-1,297/tonne (€997-999/tonne), down $30-38/tonne from last month’s settlements, as the initial settlement received further support from players.
One buyer confirmed it had settled a December contract at $1,297/tonne late last week, and this number was confirmed by several other players. Another contract was later agreed at $1,295/tonne. There was talk of a settlement at $1,300/tonne, but this was unconfirmed.?xml:namespace>
Spot pricing has started to ease as the year-end approaches and players begin inventory management. While demand has been seasonally weak, there have been concerns about the availability of toluene di-isocyanate (TDI) grade material which have helped support selling indications throughout November.
Buyers in the spot market have moved below the $1,300/tonne level, while sellers remain above it, with one trader pegging offers as high as $1,340/tonne still. However, continued illiquidity in Europe has left it hard to understand where the market should be valued.
The contracts were settled on a free on board (FOB) northwest Europe (NWE) basis.
($1 = €0.77)
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