09 April 2013 16:07 [Source: ICIS news]
LONDON (ICIS)--European toluene contracts for April have been confirmed at $1,175/tonne (€905/tonne) free on board (FOB) northwest Europe (NWE), down $90-100/tonne from the previous month’s range, as the initial settlement received further support from players on Tuesday.
An initial settlement was confirmed by one consumer early in the month at $1,175/tonne, and was later followed by several buyers and sellers.
The European market had been subdued over the course of March, although balanced supply levels was 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 at $1,170-1,175/tonne on a CIF (cost, insurance, freight) basis. This continued into April, with offers moving down to $1,150/tonne, but these still failed to attract any business.
With the arbitrage window into the US from Europe closed, one source noted that it would be difficult to find any purchasing interest for spot material.
($1 = €0.77)
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