Initial March Europe toluene contracts agreed at $1,270-1,275/tonne

01 March 2013 11:31 Source:ICIS News

LONDON (ICIS)--Some initial European March toluene contracts were done at $1,270-1,275/tonne (€978-982/tonne), down $4-5/tonne from last month, one major supplier confirmed on Friday.

Despite ongoing illiquidity and some growing downward pressure on the market, as buyers and traders looked for arbitrage opportunities into the US, the supplier said that at least one of the contracts had been settled at a rollover from February.

“We have also seen some higher March spot bids,” the seller said, adding that there is some growing demand for local consumption.

The contracts were settled on a free on board (FOB) northwest Europe (NWE) basis.

Further confirmation from other players is pending.

($1 = €0.77)

By Truong Mellor