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The European spot price of benzene hit a 17-week low on Monday, S&P Global Platts data shows on oversupply in the region and the recent fall back in the oil complex.

The European spot price of benzene was assessed at $639/mt CIF ARA on Monday, down $10 from Friday and at its lowest since June 28.

At the same time, the November contract price for benzene settled at $659/mt CIF ARA on Monday, or at a 3.12% premium to Monday's spot price.

Monthly contract price negotiations for benzene in Europe normally take into account spot trades taking place in the five business days before the day of settlement.

Last week, benzene spot trades for November loading in Europe were reported in the range of $650-$668/mt, with the higher end of trades taking place earlier in the week, only for prices to move progressively lower throughout the week.

European benzene prices have largely converged with prices in other regions recently. The FOB Korea marker was assessed at $640/mt on Tuesday, and on Monday US prices were assessed at $642.85/mt FOB USG.

The European market has also been weighed on by several outages at BASF's Ludwigshafen facility in Germany, notably the lower run rates at the company's 550,000 mt/year styrene monomer facility.