06 February 2014 16:42 [Source: ICIS news]
LONDON (ICIS)--European February toluene contracts have been confirmed at an increase of $20-23/tonne from the previous month at $1,130-1,135/tonne free on board (FOB) northwest Europe (NWE), as initial settlements received further support from the market.
One seller initially reported it had agreed February contracts at $1,132/tonne. This was followed by a consumer who reported a range of $1,131-1,132/tonne for the month.
Other buyers and suppliers later reported settlements within a range of $1,130-1,135/tonne for February volumes.
There have been reports of some upward pressure on prices amid shortness for prompt material following the incident at Godorf, Germany, where a toluene storage tank was destroyed, coupled with other production problems in Europe, but several traders and buyers noted that there was no surge in spot activity to cover and shortfall, and indicated that downstream demand has yet to pick up so far in 2014.
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