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Benzene market continues to decline
06
Nov '08
Although benzene fundamentals in Europe and the United States are strong and markets rose sharply on Monday, Asian sentiment continues to slump. FOB Korea closed at US $364.50-$365.50 per ton on Wednesday; South-East Asia closed at $348.50-$349.50 per ton, with a small rise of $5 per ton.

In Asian markets, offers for shipments after December and in January were $350 per ton; FOB Korea benchmark price gained $5 to $365 per ton (L/C at sight).

November contract price from Japan Oil was set at $370 per ton, down 65 percent from October level, mainly due to the weakness of Asia benzene benchmark prices and poor demand. Sinopec also substantially reduced prices by 1,000 yuan per ton to 3,000 yuan per ton in early November.

In the European region, benzene market prices moved up on Wednesday after much ebb and flow. During opening session, offers were cited at around $430-440 per mt, CIF ARA for November and at $445-450 per mt CIF ARA for December shipments against offer prices of $410-415 per mt CIF ARA for November and $425-430 per mt CIF ARA for December.

Demand from the buyer's side was slow and thus sellers were compelled to squeeze their prices to $455-460 per mt CIF ARA for November and around $460-465 per mt CIF ARA for December. By the end of the day, market closed at about $440-455 per mt CIF ARA for November and $445-460 per mt CIF ARA for December shipments.

At the US market, Benzene market commenced the session with bids and offer prices standing at around $1.60-1.68 per gallon for November; $1.59-1.68 per gallon for December and $1.63-1.72 per gallon for January shipment.

Observing the weak bidding prices from the buyer's side, which were quoted at around $1.58 per gal level for both November and December, sellers lowered prices to $1.62-1.65 per gallon, for both November and December shipments.

Therefore, bid and offer prices, by the end of the day, were assessed at around $1.58-1.62 per gallon for both November and December and at around $1.63-1.68 per gallon for January.

For World market prices click here

Fibre2fashion News Desk - China

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