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Asian Benzene prices drop sharply on Wednesday
19
Feb '09
After weeks of witnessing rising prices, Asian Benzene prices dropped significantly due to weak price sentiments for deliveries in March and April, which quoted at low levels. Benzene prices on FOB Korea basis closed at US $400.5-401.5 per ton, South-East Asian market closed at around $378.5-379.5 per ton. Not many transactions concluded at low levels, due to shrinking demand in Chinese market.

Mitsui concluded a deal for March shipment of pure Benzene on Wednesday morning at $420 per ton and in the afternoon session, BASF Intertrade sold April cargo to Vitol at $ 415 per ton and towards the closing hours Glencore and BASF Intertrade made a deal at $ 410 per ton for April shipment.

In news, Nippon Oil Corp in Japan has closed its Mizushima's TDP device for unlimited time, due to poor economics; the plant has a production capacity 90,000 tons of pure benzene per year. Mitsui Singapore has closed its phenol ketones device at Pulau Sakra because of regional market price pressure; the company has a pure benzene requirement of 26-27 million tons per year.

Click here to view price quotes for different ports.

Fibre2fashion News Desk - China

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