01 March 2013 10:58 [Source: ICIS news]
LONDON (ICIS)--The European cylohexane (CX) first-quarter contract delta and the benzene March contract price, which was confirmed on Friday, yield a CX March contract price of €1,197/tonne ($1,555/tonne) ex-works NWE (northwest Europe).
The March European benzene contract was confirmed at €1,054/tonne, up €14/tonne from the previous month.
The contract was agreed on a US dollar concept of $1,380/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the agreed exchange rate of €1:$1.3093.
While the settlement reflects a $28/tonne drop in US dollar terms in an increasingly bearish European market, the buyer noted that the weak euro meant that the euro number moved up from February.
The first-quarter CX contract delta was agreed at €143/tonne, a rollover from the previous quarter.
($1 = €0.77)
Additional reporting by Truong Mellor
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