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Asian benzene market vulnerable to consolidation
16
Feb '12
In the Asian market, benzene prices fell US $1 due to very few trades being transacted.

Price of May cargo was at US $1,179 / ton (FOB Korea). April market is expected to be tight due to plants undergoing planned maintenance schedules.

Meanwhile, traders are pessimistic about trends in US markets and some traders believe that upward potential of the US market is limited; therefore it will only provide limited support to Asian market.

In China's domestic market, benzene prices in East China were around 8,500-8,550Yuan / ton, in South China it was between 8,400-8,600 Yuan / ton and in North China it was in the range of 8,450-8,550 Yuan / ton.

Benzene market is relatively stagnant, trading atmosphere looks bearish and lack of downstream procurement makes the market vulnerable to a consolidation.

But supply level is expected to reduce in the long term and traders are in no hurry to empty their goods for cash, so, short-term market will continue to consolidate.

The benzene implementation for Central China sales branch under Sinopec is 8,650 Yuan / ton and that of Zhongyuan is 8,500 Yuan / ton.

Fibre2fashion News Desk

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