28 December 2012 15:53 [Source: ICIS news]
LONDON (ICIS)--An initial European benzene contract price for January has been agreed at €1,153/tonne, up €69/tonne from the previous month, a major producer and major consumer said on Friday.
The settlement was made at a US dollar concept of $1,529/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the agreed exchange rate of €1:$1.3266.
An increase had been expected following gains in the spot markets in Europe and higher prices in the US.
In relation to the settlement, the major producer said: “It’s where the spot market has been for some time. Stocks in Europe are on the low side and as soon as prices drop benzene goes to the US – you see 45-50 thousand tonnes moving.”
Demand is on the weak side in Europe but January will be better than December,” the producer added.
Further confirmation from other players is pending.
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