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Global markets witness surge in benzene prices last week
03
Jul '14
In the week ending June 28, benzene prices rose in tandem across all global markets like Asia, Europe and US. Each of the markets provided psychological price support to each other which helped prices surge in all markets. 
 
In Korea, benzene prices went up last week due to firmer benzene prices in US and higher downstream product prices. In the early days of the week, prices were at US$ 1415/ton, higher by US$ 80/ton as compared to the same period of its previous week. Prices were assessed in the range of US$ 1405-1425/ton FOB Korea.
 
In Japan, benzene prices showed similar trend as Korea in the week under preview. Speculators assessed the spot prices of benzene in the range of US$ 1410-1430/ton CFR Japan.
 
In India, benzene prices showed similar trend as Korea and Japan last week. Benzene prices were spotted in the range of US$ 1415-1435/ton CFR India.
 
In Europe, benzene prices surged up due to higher benzene prices in US and Asia. Supporting the price rise was strong demand and increase in downstream product prices. 
 
In the initial days of last week, prices were at US$ 1485/ton, higher by US$ 115/ton as compared to the same period of the previous week. Prices were spotted in the range of US$ 1470-1495/ton FOB Rotterdam. Contract prices for the month of June were settled at € 977/ton CIF ARA, lower by € 71/ton as compared to the contract prices of May.
 
In US, benzene prices showed similar trend as Asia and Europe in the last week. Prices were assessed in the range of 510-535 (cents/gallon) FOB US. Contract prices for the month of June were settled at US$ 4.48/gallon, lower by 9 (cents/gallon) as compared to that of May.
 

Fibre2fashion News Desk - India


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