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Benzene market weakens, Nippon oil raises April ACP
02
Apr '09
Asian benzene market was slightly down on Wednesday. FOB Korea closed at US $571.50-572.50 per ton, down $3.75 per ton and South-East Asia closed at $561.75-562.75 per ton, down $1.75 per ton.

Benzene supply in Japanese market was tight, providing support to price fluctuations on the higher side. Nippon Oil has declared prices of benzene for April contract in Asia at $540 per ton, up $145 per ton from March, or an increase of 37 percent.

During the day, buyers constantly increased their buying prices, but sellers were reluctant to discuss business under the level of $560. Offers for June shipment were quoted at $510 in the morning, but increased $561 per ton near evening.

Markets concluded three deals for shipment in May and June. K Energy made a deal with C Chem at $575 per ton for shipment in May; SK Energy made a deal with China Aviation Oil at $572 per ton and BIT with MBK at $567 per ton, for shipment in June.

In other news, Japan's JFE chemical 120,000 tons per year capacity shut down its aromatics device at Chiba for one year due to inadequate supply of raw material, which may further exacerbate the supply of benzene in Japan.

Fibre2fashion News Desk - China

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