03 June 2013 09:39 [Source: ICIS news]
LONDON (ICIS)--The European June benzene contract has been confirmed down by €11/tonne from the previous month at €1,045/tonne, as the initial settlement received further support from players on Monday.
The contract was agreed late on Friday 31 May at a US dollar concept of $1,353/tonne FOB (free on board) NWE (northwest Europe), and converted to the euro price at the agreed exchange rate of €1:$1.2947.
“We agreed [this number] with all of our suppliers for June,” one of the consumers said.
While spot values did see some upward movement ahead of the contract settlement, one producer noted that there was still some bearish sentiment regarding demand for June.
“We were not so pessimistic,” the producer said, adding that it had hoped for a higher number this month. “The restart of the styrene units should help support demand.”
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