02 May 2013 10:07 [Source: ICIS news]
LONDON (ICIS)--An initial European May toluene contract has been agreed at $1,160/tonne (€882/tonne) FOB (free on board) northwest Europe (NWE), down $10-15/tonne from last month’s range, one consumer said on Thursday.
While toluene prices were able to resist some of the downward pressure seen across the aromatics sector as crude slumped in April, some aggressive spot offers on a cost, insurance and freight (CIF) basis and talk of deals as low as $1,100/tonne CIF did see some lower price sentiment.
One European supplier said it would not be participating in contract negotiations this month, as it was shutting down its aromatics unit down for maintenance. Further details were not yet available.
“I guess we will see some spot deals in May then,” said one source, following an April that was extremely thin outside of contractual business.
Further confirmation from other players is pending.
($1 = €0.76)
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