02 April 2013 10:13 [Source: ICIS news]
LONDON (ICIS)--An initial European April toluene contract has been agreed at $1,175/tonne (€917/tonne), one buyer confirmed on Tuesday, down $90-100/tonne from the previous month’s range.
The European market has been subdued over the course of March, with balanced supply levels helping domestic prices resist the sharp slump seen in Asia.
However, price ideas for spot material did come down by the end of the month, with offers heard on Thursday 28 March at $1,170-1,175/tonne on a CIF (cost, insurance, freight) basis.
Availability in Europe remains balanced amid talk that up to 6,000 tonnes of material has left the region this month. While one source said there is Mediterranean volume being freed up due to a shutdown at a hydrodealkylation (HDA) plant, it is unclear whether this material was ARA (Amsterdam-Rotterdam-Antwerp)-bound.
The contract was settled on a free on board (FOB) northwest Europe (NWE) basis.
Further confirmation from other players is pending.
($1 = €0.78)
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