29 November 2013 16:45 [Source: ICIS news]
LONDON (ICIS)--An initial European benzene settlement for December has been agreed at €957/tonne, up €109/tonne from the previous month, two buyers confirmed on Friday.
The contract was agreed at a US dollar concept of $1,301/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the agreed exchange rate of €1:$1.3595.
The increase had been widely expected, as domestic spot values have steadily gained ground over the course of November alongside gains in the US and strong export demand in October and November tightening the European market.
Even with several crackers coming back online after maintenance turnarounds, there remains a backlog in the supply chain which is keeping availability tight at least for prompt material.
Further confirmation from other players is pending.
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