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Nippon Oil settles benzene Nov ACP at low level
06 Nov '08
1 min read
It has been learned that Nippon Oil Corporation has settled its November benzene Asian Contract Price (ACP) at US $370 per metric ton. Confirming the news to Fibre2fashion, company sources said that this price is 65 percent lower than the October rates.
The benzene market has been showing a downward trend, with prices averaging at $1,102.98 per metric ton in September and falling to around $677.15 per metric ton in October.
Sources said that the reason for such low rates is the weak demand and panic in the market. However, Company expects the price to recover very soon.
Reportedly, Nippon's settlement and benchmark naphtha CFR Japan basis price was offered at $271 per metric ton on Tuesday. Thus, the benzene-naphtha spread is calculated at $99 per metric ton.
Experts say that to maintain a balanced trade, Nippon Oil requires the difference to be atleast within the range $200-250 per metric ton.
The benzene market has been showing a downward trend, with prices averaging at $1,102.98 per metric ton in September and falling to around $677.15 per metric ton in October.
Sources said that the reason for such low rates is the weak demand and panic in the market. However, Company expects the price to recover very soon.
Reportedly, Nippon's settlement and benchmark naphtha CFR Japan basis price was offered at $271 per metric ton on Tuesday. Thus, the benzene-naphtha spread is calculated at $99 per metric ton.
Experts say that to maintain a balanced trade, Nippon Oil requires the difference to be atleast within the range $200-250 per metric ton.
Fibre2fashion, News Desk - India
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