01 November 2013 09:39 [Source: ICIS news]
LONDON (ICIS)--The European cyclohexane (CX) November contract has been assessed at €999/tonne ($1,350/tonne) ex-works NWE (northwest Europe), a decrease of €78/tonne from September, following the settlement of the benzene contract for November earlier this week.
This is the first time the monthly CX number has fallen below the €1,000/tonne mark since December 2011.
The monthly CX contract price is composed of the sum of the monthly benzene contract price and the quarterly CX delta contract. The European CX fourth-quarter delta was settled at a rollover of €151/tonne, owing to balanced supply/demand fundamentals.
The November benzene contract was agreed late on Thursday October 31 at €848/tonne, down €78/tonne from the previous month. The contract was agreed at a US dollar concept of $1,167/tonne FOB (free on board) NWE 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 benzene numbers have fallen over the course of October, reaching their lowest point since March 2012 on weak derivative demand and softening global prices.
($1 = €0.74)
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