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Benzene prices decline in previous week
14
Sep '10
In the just concluded week, in the Asian market, crude oil prices fell, prices of styrene increased and benzene market showed small volatility and closed at US $843-846 / ton (FOB Korea) on Thursday. In the reporting week, Chinese domestic benzene market performed weak and as of Friday, domestic market prices fell compared with the last working day of its previous week.

On September 10, market price in East China ranged between 6400-6500 Yuan / ton, down 50 Yuan / ton from last Friday; in South China, it was also down by 50 Yuan to 6400-6500 Yuan / ton. However, market price in North China maintained at 6300-6400 Yuan / ton, unchanged from the low-end level of its previous week, but down 100 Yuan from the high-end level of the previous week.

Basic ex-factory price of benzene from domestic refineries declined. Ex-factory price from Sinopec fell 200 Yuan in East China and benzene prices of the Sinopec plants in the region stood at 6600 Yuan / ton. In North China, ex-factory price of Sinopec benzene fell by 300 Yuan and the unified implementation level were assessed at 6500 Yuan / ton.

Sinopec offer declined 250 Yuan in Central China and the unified implementation level of all the plants was 6,550 Yuan / ton, starting from September 8. The selling price from China National Petroleum for supply to outside users fell 100 Yuan to 6370 Yuan / ton and that from Dalian Fujia Dahua dipped by 200 Yuan to 6,700 Yuan / ton.

International price have displayed substantial volatility, overseas offers are under consolidation, domestic market remains stable, due to the influence of price cut of manufacturers and refineries, the market is covered with strong watching sentiment, being impacted by electric supply quota, due to which, market sentiment is depressed.

Market participants expect that short-term benzene market will support a weak correction.

Fibre2fashion News Desk - India

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