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Most pure benzene traders opt for wait-n-see attitude
10
Jan '08
In December, organic chemical market looked poor, the majority of product markets continued a decline or a steep plunging trend, mainly due to domestic monetary tightening policy and the pressures of returning back loans by the end of the year.

Due to excess supply and the drop of crude oil, pure benzene in Asia continued to fall during the month. In domestic market, influenced by negative factors, such as weak downstream market and down trend of overseas market, ex-factory prices of main manufacturers were adjusted downward.

In spot market, traders held small supply, their offers maintained in low level following factory prices. Trade negotiations were limited.

January outlook, Asian pure benzene market is still expected to be guided by the trend of oil prices, while regional supply remains ample. Most traders are expected to adopt a cautious 'wait-and-see' attitude. In domestic market, supply and demand pattern will change slightly. With unclear market trend of Asian pure benzene, domestic market is expected to mainly stay stable for the month.

On January 9, Asian pure benzene market closed at US $1013.50-1014.50 per ton, FOB South Korea, up $6 per ton; $1000.50-1001.50 per ton, FOB Southeast Asia, up $6 per ton.

On January 9, Sinopec Shanghai Petrochemical offered pure benzene ex-factory price at 8600 yuan per ton. Qilu Petrochemical offered its implementation price at 8850 yuan per ton.

Luoyang Petrochemical Sales Company offered ex-factory price at 8800 yuan per ton. Shijiazhuang refinery offered ex-factory price at 8,800 yuan per ton. Jilin Petrochemical offered ex-factory price at 8510-8610 yuan per ton.

Fibre2fashion, News Desk - China

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