Europe April benzene contract price confirmed at $1,402/tonne

LONDON (ICIS)–The European benzene contract for April was confirmed at €1,019/tonne, up €16/tonne from the previous month, as the initial settlement agreed earlier this week received further support from players in the market on Wednesday.

The contract was agreed at a US dollar concept of $1,402/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the agreed exchange rate of €1:$1.37586.

Following the contract settlement, spot levels for April cargo have rocketed higher, with talk of deals done at $1,485/tonne CIF ARA and a prompt trade rumoured at $1,500/tonne.

There remains some upward pressure on short-term availability owing to a host of production problems across eastern Europe and the Mediterranean, although downstream markets have remained static overall.

“Benzene is moving up and styrene is just sitting there,” one trader said this morning.