The Northwest European January benzene contract price has been fully settled at Eur1,153/metric ton or $1,529/mt FD NWE, the highest the CP has ever been settled, negotiating parties confirmed Monday.
The settlement represents an increase of Eur69/mt and $121/mt compared with the November contract price of Eur1,084/mt and $1,408/mt FD NWE that was the previous CP high.
The increase was buoyed on expectations of a bullish market in the US, driven by scarcity, negotiating parties said.
"Europe is well supplied compared to the end of November," said a CP negotiating party. "Crackers and reformers are running higher as margins are attractive, but we are still being dragged up by the US. Structurally, the benzene market in the US will be tighter in 2013, but at these levels there could be demand destruction."
