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Benzene prices flare up on back of spurt in demand
Jun '09
With support from a rise in crude oil prices and cargo shortage for October shipments, Benzene prices in Asia jumped by as much as US $63.75 per ton on Wednesday and FOB Korea closed at $790-791 per ton, while FOB Southeast Asia closed at US $783-784 per ton.

Asian Benzene price is estimated at $790 per ton, a price never seen since October 15, 2008, when the highest price recorded was $784 per ton. In the morning, Benzene for August deliveries was offered at $760 per ton, while July Benzene was offered at US $800 per ton FOB Korea.

One deal for July shipment was closed at $780 pet ton FOB Korea between C. Chem and Hyundai Corp. In the afternoon, another transaction was made at $780 per ton for July shipment between Interchem and Sumitomo Corp. There seems to be strong demand support from Southeast Asian markets.

Market sources also reveal that BASF, Singapore purchased a cargo for its styrene plant, which is expected to restart this month after an overhaul since mid-May and Exxon Mobil's plant in Singapore continues to cut production in accordance with its maintenance plan before the end of June.

As a result of this, supply of pure benzene in Southeast Asia will be reduced. In Indonesia, aromatics plant of Pertamina has reduced production by 5 percent as a result of catching fire last week.

Benzene price surpassed price of Toluene on Tuesday and price spread between the two plays a vital role on TDP and HDP. S-Oil Corporation in South Korea resumed its TDP unit in Ulsan Monday, the overhaul lasting as long as two months. The TDP device can produce 70,000 tons of pure benzene per year.

Fibre2fashion News Desk - China

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