Europe November benzene contract confirmed at €848/tonne

04 November 2013 10:06 Source:ICIS News

LONDON (ICIS)--The European benzene contract has been confirmed at €848/tonne, down €78/tonne from last month’s settlement, as the initial number received further support from players on Monday.

The contract was agreed at a US dollar concept of $1,167/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the agreed exchange rate of €1:$1.3762.

A reduction had been anticipated by players, as spot pricing moved down to fresh yearly lows in October both in Europe and in the US.

Weak derivative offtake and macroeconomic concerns continue to weigh down on global benzene sentiment in the fourth quarter, although there is a sense among some sources that the bottom of the market has been reached now, with the US market showing signs of a rebound into November.

By Truong Mellor