Europe CX September contract falls €260/tonne on benzene drop

LONDON (ICIS)–The European September cyclohexane (CX) contract price was assessed down by €260/tonne, following the confirmation of the steep drop in the upstream benzene September contract settlement, sources said on Tuesday.    

The European September CX contract price was assessed at €660/tonne ex-works NWE (northwest Europe).

The European September benzene contract settled at €519/tonne, down €260/tonne from the previous month.

The settlement was agreed at a US dollar concept of $585/tonne and converted to the euro price at the agreed exchange rate of €1: $1.1272.

Negotiations proved difficult this month following the sharp drop in spot pricing and the subsequent rallying in the last days of August.

European spot prices dropped to a six-year low early last week amid global losses and macroeconomic bearishness, moving below $550/tonne, but recovered late in the week to edge back above $600/tonne.

The European third-quarter CX delta settled at €141/tonne, down €3/tonne from the second quarter.

The monthly CX contract price comprises the sum of the monthly benzene contract and the quarterly CX delta contract.

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