The July contract is valued at €1,636-€1,676/tonne FD (free-delivered) NWE (north-west Europe).
The increase may surprise some in the market with expectations for a decrease.
However, it was mainly due to a strengthening of the dollar, with the agreed dollar benzene contract value down $16/tonne compared to July.
The August benzene settlement was agreed at a US dollar concept of $1,450/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the agreed exchange rate of €1:$1.3401.
The phenol contract in Europe is largely linked to feedstock benzene price movements, with a fee, or adder, on-top. This fee is negotiated, usually quarterly or annually.