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Benzene prices dip in worldwide markets
27
Aug '10
The Asian and Chinese benzene market softened on Wednesday. In Asia, FOB Korea closed at US $844-845 / ton and FOB Southeast Asia fell to $832.5-833.5 / ton, down $9.25 and $9 / ton, respectively, from the previous day.

Talks for October contract were around $841-860 / ton in the morning and one single deal was made between BIT and Shell at $850 / ton (FOB Korea). Offers of cargo for October and November shipment stood at $840 and $850 / ton (FOB Korea).

China's domestic benzene market atmosphere was mainly based on wait and watch. Market price in East China was quoted at 6500-6600 Yuan / ton, prices in South China were assessed at 6450-6550 Yuan / ton and that in North China stood at 6400-6500 Yuan / ton.

In the European market, benzene prices continued to decline, due to the impact of weak crude oil and fall in prices in Asia and US. FOB Rotterdam closed at $881.5-882.5 / ton, down $13 from the previous day.

CIF ARA closed at $872-873/ ton, down $12.25. Buyers were on sideline, market sentiment was light. September shipment was quoted at $890-900 / ton in the morning, but declined to $890.5 / ton. Inquiring intention was $880.5 / ton.

Offers for September were quoted at $880.5 / ton (CIF ARA), however, enquiries were made between $865.5-875.5 / ton.

US benzene closed steady at 298.9-299 cents / gallon (FOB US Gulf) on Wednesday. Price for September shipment slightly weakened, it was reported that offers were made at 302 cents / gallon. Estimated price of September cargo was 301 cents / gallon.

Fibre2fashion News Desk

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