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Asian benzene market dips
11
Feb '10
China's domestic Benzene market was temporarily steady on Tuesday although trade volume was low. Sinopec reduced its benzene price by 300 Yuan / ton in East China. The implementation level for Shanghai Petrochemical, Yangzi Petrochemical, Zhenhai Refining & Chemical was 7,500 Yuan / ton.

Sinopec reduced its price in South China, the uniform implementation level for Guangzhou Petrochemical, Maoming Petrochemical was 7,500 Yuan / ton.

China National Petroleum Corporation (CNPC) reduced its benzene price for outside supply by 300 Yuan / ton in Northeast, the implement level for Jilin, Liaoyang and Daqing was 7,350 / ton. Recent supply was mainly provided to enterprises within the system, and less supply for enterprises outside the system.

On Tuesday, Asian benzene fell US $10 from the previous day to close at $921-924 / ton (FOB Korea). In the Chinese domestic markets, in East China, benzene was priced at 7,500-7,600 Yuan / ton, market price in South China was quoted at 7,500-7,600 Yuan / ton and market price in North China marked 7,500-7,600 Yuan / ton.

Although oil prices rebounded slightly the day before, market conditions were weak due to the impact of continuing decline of oversees offers and refinery price cuts. Market participants expect that Benzene market will maintain a weak consolidation trend in the short term.

Fibre2fashion News Desk

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