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Taking cues from crude oil, benzene prices maintain momentum
16
Jul '09
With the rebound in international crude oil, pure benzene market grew by US $18 per ton in Asia on Wednesday, FOB Korea closed at US $813.5-814.5 per ton, and FOB Southeast Asia closed at US $806.5-807.5 per ton.

Market focus shifted to September cargo, in the morning. Offers for August and September shipment were quoted at $791 and $790 per ton, FOB Korea, though later in the day, offers for September shipment moved up to $800 per ton.

Three deals were made in the afternoon, one transaction traded between BIT and Noble at $810 per ton for shipment in September. The other two were between Vitol and GS Caltex for shipment in August and September at $815 and $809 per ton respectively.

Since the outburst of the global economic crisis last year, South Korea's exports to the United States have fallen sharply, total exports in the first half of 2009 reached 110,563 tons, down by a staggering 60 percent, when compared with same period of last year.

On the contrary, China's imports from South Korea more than doubled to reach 247,028 tons in the first half of 2009, in comparison to imports, which registered at 108,645 tons in the same period of last year.

At present, production profits of pure benzene have improved. The spread between pure benzene and toluene was $66.50 per ton and between pure benzene and naphtha was $ 273.50 per ton, while the spread was $273 per ton on September 24 last year.

Many market participants are active in short-term operation, while many end users did not want to take short-term risks, thus putting pressure and in the process, reducing the off take of pure benzene.

Fibre2fashion News Desk - China

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