Expectations for the Northwest Europe January benzene contract price are around $640-$644/mt, sources said Tuesday.
The benzene contract price for January is expected to settle on Wednesday and sources expect it to settle in the range $640-$644/mt or Eur586-589/mt.
This represents a $1-$5/mt increase or a Eur15-Eur18/mt decrease on a monthly basis. The December contract price settled at $639/mt or Eur604/mt.
The weakening of the dollar since the end of November has meant that the month-on-month change are in opposite directions in dollar and euro terms.
The contract price for benzene takes into account spot trades in the previous five trading days.
Despite the market winding down in the run-up to Christmas, there were several trades reported over December 22-29, the last five trading days before the expected CP settlement date.
On December 22, there was one trade done for Dec at $615/mt. There were two trades at $625/mt and $630/mt for January heard done on December 23.
There were no trades reported done on December 24. There was one January trade heard done on December 28 at $640/mt. There have been no deals heard done yet on Tuesday.
The traded levels have been increasing in the past five days in line with naphtha prices.
This trend continued Tuesday and market indications were firmer since Thursday, the last assessment day at Platts in London.
The bid-offer range for the first half of January was heard pegged at $640-$665/mt, while the range for any January date was heard pegged at $635-$665/mt on Tuesday.
"People are trying today to push the numbers higher," a source said Tuesday.
Platts spot assessments on a CIF ARA for December 22, 23 and 24 were $615, $630 and $630/mt, respectively.
There was no assessment on December 28 due to a public holiday in the UK. However, this was a trading day for other European countries.
