31 July 2013 16:38 [Source: ICIS news]
LONDON (ICIS)--An initial European August benzene contract has been agreed at €946/tonne, down €32/tonne from the previous month, one buyer confirmed late on Wednesday.
The contract was agreed at a US dollar concept of $1,257/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the agreed exchange rate of €1:$1.3288.
“I agreed [this number] with all but one supplier,” the buyer added.
Benzene prices in July reached a yearly low of $1,210/tonne CIF (cost, insurance & freight) ARA (Amsterdam-Rotterdam-Antwerp) on ample availability and weak derivative offtake.
Although the spot market saw some upward movement towards the end of last week, with August deals done as high as $1,270/tonne, spot levels subsequently edged back down ahead of the contract settlement, with deals done at $1,250-1,255/tonne on Tuesday 30 July.
Further confirmation from other players is pending.
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