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Benzene market shows varied trend this week
25
Sep '08
Despite fluctuating ups and downs in international market, Asian benzene market still looked strong. On Wednesday, September 24, prices on FOB Korea basis closed at US $1127.50-1128.50 per ton, South-East Asia closed at $1109.00-1110.00 per ton, flat to the previous day.

In the US market, both October and November contracts fell 5 cents per gallon, while benzene price in European markets sharply climbed $27.5 to $1195.50 per metric ton CIF ARA.

Tuesday offers of benchmark benzene (FOB Korea) increased to $1135 per metric tons in Asia, but Wednesday offers fell $10 per ton, the high level of the day jumped to $1150 per metric tons, but declined in the afternoon, both sellers and buyers were away from the market and having wait-and-see attitude for two days.

Styrene, the major downstream market of benzene, further weakened, the market closed down $ 22.50 per metric tons to $1347.50 per metric tons FOB Korea Wednesday.

The market was cautious against the trend of crude oil. The US economy weakened on impact of financial crisis, limiting recovery of gasoline market.

As of September 19, a survey by the US Weekly Business showed that gasoline retail fell 5.7 percent, the lowest level of the whole year, due to hurricane-related factors.

However, ex-factory benzene prices from several Chinese manufacturers showed downward trend on September 25, 2008.

As a result of pressure on stocks, ex-factory price of benzene from Yanshan Petrochemical, Qilu Petrochemical, Luoyang Petrochemical, Zhongyuan Ethylene under Sinopec Beijing branch, declined by 400 Yuan to fall to 8200 Yuan per ton on September 25.

Ex-factory price of benzene from Jiujiang Petrochemical, Shanghai Petrochemical, Yangzi Petrochemical, Zhenhai Refining under Sinopec Shanghai branch is being quoted at 8400 Yuan per ton on September 25.

Ex-factory price of benzene from Changling Refining, Wuhan Petrochemical, Maoming Petrochemical under Sinopec Guangzhou branch is selling at 8400 Yuan per ton. Ex-factory price of benzene from Dushanzi Petrochemical is at 7600 Yuan per ton.

The uniform implementation price of Jilin Petrochemical, Daqing Petrochemical under CNPC Northeast Branch to intra-system is at 8200 Yuan per ton, benzene price for factories outside the system is at 8250 Yuan per ton on September 25.

Fibre2fashion News Desk - China

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