Europe Sept benzene confirmed up €31/tonne at €977/tonne
Truong Mellor
03-Sep-2013
LONDON (ICIS)–The European benzene contract for September
has been confirmed at €977/tonne, up €31/tonne from
last month, as the initial settlement received further
support from players this week.
The contract was agreed at a US dollar concept of
$1,296/tonne FOB (free on board) NWE (northwest Europe) and
converted to the euro price at the agreed exchange rate of
€1:$1.3265.
A slight increase had been predicted as August drew to a
close, with spot levels within
the $1,290-1,300/tonne range. Sentiment for
September and the rest of 2013 is increasingly bullish, with several planned cracker
turnarounds likely to keep feedstock availability
limited.
Strong European styrene
sentiment and strengthening global values for benzene for the
upcoming month are also keeping domestic price ideas firm, as
spot numbers gradually edged over $1,300/tonne this
week.
With the US now driving the global market
direction, this means that material is likely to flow into
the region as opposed to Europe. Current US spot numbers are
around the $1,320/tonne level, with
turnarounds in September and October poised to keep
availability limited and prices bullish.
Asian benzene prices are also moving up this week, supported
by strong downstream styrene numbers this month, buoyant
crude futures and improved buyer sentiment in the key Chinese
market.
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