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Benzene prices to make bigger move in October
30
Sep '10
European benzene stock market as a whole, held steady on Wednesday, the market closed at US $916-917 / ton (FOB Rotterdam) or $906-907 / ton (CIF ARA). Benzene prices and buyer's sentiment stabilized after slight and slow weakness, both buyers and sellers were optimistic about talks.

Prices are expected to make a bigger move in early October. However, with cost support, a single deal of 1000 tons of goods in October shipment was counter offered at $908-915 / ton (CIF ARA), but not yet confirmed, it was difficult to find negotiation price at $910 / ton.

In the United States, October goods rebounded 2 cents / gallon to close at 307.4-307.5 cents / gallon (FOB US Gulf) on Wednesday. Overall atmosphere of talks weakened. Although oil prices rebounded, benzene price basically remained stable. The market opened at around 305 cents / gallon, discussion level was around 307.5 cents / gallon in the afternoon.

Asian benzene closed at $866.25-867.25 / ton (FOB Korea) and $855.25-856 .25 / ton (FOB Southeast Asia) on Wednesday, down $1.5 and $2.25 from the previous day. Market sources say that as China's National Day is coming, holders intend to made delivery as soon as possible, so offers increased yesterday.

December cargo was quoted around $878 / ton, January cargo around $881-885 / ton. Interchem bid a single December cargo at $876 / ton, CAO offered a single November cargo at $868 / ton and December cargo at $876 / ton.

Fibre2fashion News Desk

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