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Benzene market dips following decline in crude oil prices
23
Oct '09
The Asian benzene market fell on Wednesday following the decline in prices of international crude oil. Benzene, FOB Korea closed at US $785.5-786.5 per ton, Benzene FOB Southeast Asia settled at $783-784 per ton; both declined $13.5 per ton from the previous day.

Asian Benzene market was more cautious with transactions. In the morning session, offers for December shipment ranged between $780-800 per ton FOB South Korea and offers for January shipment next year stood at $785 per ton.

Market participants could not determine true demand from downstream sector, mainly due to strong increase in international crude oil and benzene prices. Negotiating level of benzene in East China ranged in between 5,550-5,650 Yuan per ton.

As many styrene units in China have restarted operation, the benzene markets in China are losing confidence, since renewed styrene production will lead to a situation of oversupply and which will have a negative impact on styrene prices.

Sinopec Shanghai Branch increased its benzene price by 100 Yuan per ton to 5,800 Yuan per ton and when converted into CFR price, it comes to $727 per ton.

Japan's largest maker of styrene, Asahi Kasei Corporation has reduced operational load of its No. 2 plant, with an annual capacity of 320,000 tons of styrene, by 10 percent to 90 percent, due to weak profits and also plans to extend the overhaul time of its No. 3 styrene unit.

Fibre2fashion News Desk - China

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