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Asian benzene markets rebound marginally
30
Apr '09
Asian benzene market slightly rebounded by US $4.25 per ton on Wednesday, due to stronger movement of international crude oil, FOB Korea closed at $577.50-578.50 per ton and South-East Asia closed at $569-570 per ton.

Sellers offered at $580 per ton, FOB Korea, but buyers were absent from the market in the morning. Market trade resumed at noon and June shipments traded at $565 per ton. MBK sold to GS Caltex a cargo at $577 per ton for June shipment.

Impacted by poor demand, price of styrene in China fell to 4300-4400 Yuan per ton. Since entering the second quarter, China's production capacity has increased and the petrochemical plant of CNOOC located in Huizhou is planning to start commercial operations in June, and its production capacity of pure benzene is 300,000 tons per year.

At the same time, downward price pressure from ocean-going vessels in May and June has not reduced. About 80,000 tons of goods will come from Europe, of which, 35,000 tons will come from Vitol and Interchem and 42,000 tons will come from the United States.

These goods will arrive in Asia in June. Market sources say that another 30,000 tons will arrive in Asia in June from Iran.

Fibre2fashion News Desk - China

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