More Toluene Contracts Have Been Agreed at a Range of $1,111-1,115/Mt FOB NWE

More toluene contracts for June in Northwest Europe have been agreed at a range of $1,111-1,115/mt FOB NWE, according to three consumers.

The settlements represent a small decrease from the previous month's settlements of $1,117-1,121.50/mt.

The settlements are in line with the current spot market, with TDI grade toluene assessed at $1,112/mt Friday.

Spot buying interest thinned in the second half of the month as benzene prices plunged, making HDA units uneconomical when using a high-quality toluene.

However, one producer said the fall in toluene contract prices was overdone considering the European gasoline market has barely moved on the month.

Final settlements are expected to be reached by the close of Monday.