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Asian benzene breaches psychological mark
23
Dec '10
Asian benzene once again breached a psychological mark and in the process surpassed US $1,000 / ton mark on Tuesday and closed at US $1000.5-1002.5/ton (FOB Korea) and US $989-991/ ton (FOB Southeast Asia), up $10.5 and $11 / ton, respectively.

Asian markets continued to rise due to strong crude oil price and strong benzene markets in Europe and America.

Naphtha price rose to about $871 / ton, its spread with benzene was about $129/ ton. However, benzene still faced cost pressures. But the spread between benzene and styrene was $320 / ton, while the spread between phenol and benzene was $718 / ton.

In the morning, negotiation over February benzene cargo was around $1000-1010/ ton. Hyundai Corp offered February and March shipments at $1002 / ton and $1003 / ton. 6,000 tons of benzene and 6,000 tons of toluene will be shipped to the US Gulf by the end of December.

Fibre2fashion News Desk

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