Initial Europe January benzene up by €69/tonne

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.

By: Julia Meehan
+44 20 8652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly