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Strong Asian buying interest perks up Benzene prices
28
Aug '08
Strong buying interest in Asia has promoted benzene market further up on Wednesday; meanwhile the rise in Europe and the United States provided power to Asia, too. FOB Korea stood at US $1178.75 - $1179.75 per ton; on the other hand, Southeast Asia closed at US $1165.25 - $1166.25 per ton, both saw a hike of $13.5 per ton.

It is learnt that US benzene surged by 8 cents to 458 cts per gallon, FOB US Gulf, on Tuesday. Asian market traders are waiting to see the direction of forthcoming contract prices in the United States and the European Markets.

On the other hand, sellers are quite optimistic about Asian market. Due to Sub-tropical storm, Hurricane Gustav, oil facilities in Gulf region have not seen any serious damages; however, market experts are closely keeping a watch and manufacturers are ready to reduce production in accordance with the situation.

On the domestic front, price of Jinzhou Petrochemical was offered at 8800 yuan per ton, down 400 yuan from the previous session.

Offer price from Jilin Petrochemical of China National Petroleum stood at 8650 yuan per ton, down 400 yuan from the previous day; Price from Beijing branch of Sinopec remained unchanged from the previous day; of which, the implementation price of Shijiazhuang Refinery and Tianjin Petrochemical was quoted at 8800 yuan per ton; the implementation price of Luoyang Petrochemical and Zhong Yuan Ethylene was at 8800 yuan per ton.

The factory price from Guangzhou branch of Sinopec remained unchanged. The implementation price of Changling Petrochemical Refinery, wuhan Petrochemical was at 9000 yuan, for Maoming Petrochemical it was 9000 yuan.

For World market prices click here

Fibre2fashion News Desk - China

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