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Asian benzene market in the red
26
Feb '09
The Asian Benzene market was deep in the red on Wednesday and a number of March and April deliveries traded at low levels. FOB Korea closed at US $400.5-401.5 per ton, while South-East Asia at $378.5-379.5 per ton with quotes of both falling by as much as $30 per ton, due to shrinking demand from Chinese market.

On Wednesday, a deal at $420 per ton was reached between Trammochem and Mitsui for march delivery, BASF Intertrade and Vitol closed an April shipment at $415 per ton and near about closing hours Glencore and BASF Intertrade stitched a deal at $410 per ton for April shipment. In the Asian market, premium between March and April futures declined from $8 on Tuesday to $2 per ton.

In other news, Japan's Nippon Oil Corp has closed its 90,000 tons per annum benzene capacity due to slow sales, without announcing a time frame. Mitsui's phenol ketones plant at Pulau Sakra, Singapore has also switched off operations, again, due to a fall in demand.

Fibre2fashion News Desk - China

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