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Benzene market price dips further
04
Dec '08
Although some raw materials for the textiles came out of the shadow of global recession, benzene market prices failed to move upward on the back of lower demand and plunging crude prices.

In the European region, near about 1000 tons of benzene for the first half of December shipment was quoted at US $215 per ton CIF ARA (Amsterdam, Rotterdam, Antwerp), and for the second half of the ongoing month, prices stood within the range of $210-$220 per ton CIF ARA. For the January shipment, prices were offered at $230-$250 per ton CIF ARA.

In the US market, on the first day of December, price of benzene to be delivered in December was quoted near by 113 cents per gallon; however, on December 3, deals were struck with in the range of 83 and 86 cents per gallon DDP (delivered, duty paid) Houston-Texas City (HTC).

Due to heavy price drop in feedstock prices Asian benzene market cut down their cost to remain competitive in the global market.

Prices declined on Wednesday, both FOB South Korea and Southeast Asian markets dropped US $5 to stand with in the range of $299.50-$300.50 and $279.50-$280.50 per ton respectively.

Today, prices in the Asian region remained at $290-$305 per ton FOB (free on board) Korea for the third consecutive day. Few bids were quoted at $310 per ton FOB Korea for any January shipment.

In China, Sinopec Yangzi Petrochemical bid $310 per ton CFR Zhangjiagang, or Jiangyin (L/C 90 days), but no transactions done for either price. On December 4, Sinopec Shanghai branch offered benzene implementation price for early December at 3000 yuan per ton, mainly to supply contracts. The Guangzhou branch prices stood at 3000 yuan per ton, inventory is low.Beijing sales branch quoted 3000 yuan per ton for the December shipment.

For World market prices click here

Fibre2fashion News Desk - China

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