30 December 2013 16:49 [Source: ICIS news]
LONDON (ICIS)--An initial European benzene settlement for January has been agreed at €994/tonne, up €37/tonne from the previous month, two buyers confirmed on Monday.
The contract was agreed at a US dollar concept of $1,373/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the agreed exchange rate of €1:$1.3813.
Despite the end of the year traditionally being a slow month, some tightness for physical product in Europe and bullishness in the US helped support pricing throughout December.
Looking to the month ahead, there are mixed opinions regarding whether the current bullishness in Europe will hold. While the market should ease off on pricing from a traditional seasonal standpoint, ongoing supply constraints and sentiment could keep the market inflated.
Further confirmation from other players is pending.
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