30 April 2013 18:35 [Source: ICIS news]
LONDON (ICIS)--An initial May European benzene contract was agreed at €1,056/tonne, up €64/tonne from the previous month, two consumers confirmed on Tuesday.
The contract was agreed at a US dollar concept of $1,385/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the agreed exchange rate of €1:$1.3116.
An increase had been widely expected following gains seen in the spot market in the second half of April, the market moving up on renewed demand for May despite a sharp drop in oil and energy futures.
Despite the triple digit increase in dollar terms, downstream styrene players are poised to resist any significant upward movement in the May barge contract as demand remains soft and end users continue to struggle with the high cost of raw materials.
Further confirmation from other players is pending.
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