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Asian & European benzene prices up on Wed
25
Nov '10
Asian benzene closed at US $920.75-921.75 / ton, (FOB Korea) and $911.75-912 .75/ ton (FOB Southeast Asia) on Wednesday, up $3.5 and $3, respectively. Spot trade concentrated on January and February shipment.

Discussion for January cargo ranged between $915-925 / ton and then increased to $925-945 / ton, while, discussion for February cargo ranged around $930-945 / ton. Discussion for December cargo was rare.

At present, the spread between benzene and naphtha is $150 / ton and the spread between benzene and toluene is $38 / ton. Therefore, it is difficult to guarantee operation of TDP plants. TDP production will have profits, only when benzene price is $80-100 / ton higher than toluene.

JX Nippon Oil & Energy proposed the price for December benzene contract at $960 / ton (CFR), which is $10 / ton higher than settlement price of November contract.

European benzene price rose on Wednesday, due to strong rebound in international oil price. FOB Rotterdam closed at $954.75-955.75 / ton, up $10, CIF ARA closed at 944.75-945.75 / ton, up $10.75. Pure benzene market was firm in the morning, offers for December supply ranged around $950.5-955.5 / ton, traders were cautious, market trend looked slightly confused.

November and December pure benzene in the United States closed at 324.9-325 cents / gallon (FOB U.S. Gulf) and 323.9-324 cents / gallon (FOB U.S. Gulf), respectively.

Discussion for December cargo was around 317.5-323 cents / gallon in the morning, but with NYMEX crude oil prices increasing by $2 / barrel, discussion for December supply rose to 321-325 cents / gallon. Talks for supply in the first half of December were round 324-326.5 cents / gallon.

Fibre2fashion News Desk

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