02 September 2013 09:30 [Source: ICIS news]
LONDON (ICIS)--Initial European September toluene contracts have been agreed at $1,140/tonne and $1,145/tonne, sources confirmed on Monday, up $30/tonne (€23/tonne) from last month’s range on firmer spot indications and continued upward pressure from the US market.
One consumer said that it had agreed its first September contract late on Friday 30 August at $1,145/tonne, while one seller this morning added that it had agreed September volumes at $1,140/tonne.
Domestic spot numbers have gradually moved up over the course of August in line with rising US spot values. While traders have been actively looking to ship material from Europe to the region, export opportunities have been tempered by balanced availability outside of contractual volumes.
Contracts were settled on a free on board (FOB) northwest Europe (NWE) basis. Further confirmation from other players is pending.
($1 = €0.76)
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