31 October 2013 17:00 [Source: ICIS news]
LONDON (ICIS)--An initial European benzene settlement for November has been agreed at €848/tonne, down €78/tonne from the previous month, one buyer confirmed on Thursday.
The contract was agreed at a US dollar concept of $1,167/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the agreed exchange rate of €1:$1.3762.
A reduction had been widely expected for the upcoming month, as European spot numbers have fallen over the course of October, reaching their lowest point since March 2012 on weak derivative demand and softening global prices.
The US benzene market dipped below $4.00/gal this month on ample availability and poor aromatics sentiment in general, the first time it has moved this low since June 2012, although the market has subsequently started to reverse these losses.
Further confirmation from other players is pending.
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