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Benzene trends expected to be firm in short term

02
Feb '12
Asian benzene price rose US $2.50 on January 31. Two transactions of March cargo were traded at $1,170 / ton and $1,172 / ton (FOB Korea), respectively. Buyer's intention for April cargo increased from $1160 / ton to $1,167 / ton (FOB Korea).

In the Chinese domestic market on Wednesday: market transaction in East China was in the range of 8,500-8,550 Yuan / ton, in South China, it was 8,300-8,400 Yuan / ton and in North China it was in the range of 8,400-8,500 Yuan / ton.

Sellers showed a clear intention to pull up benzene market, discussion levels rose, but downstream buyers still hold wait-and-see attitude, so sellers and buyers have entered into stalemate.

But overall favorable conditions are still intact and slightly dominant in the market and the market is expected to continue to be firm in the short term.

In factory news, Northwest Branch of China National Petroleum increased its ex-factory price by 200-250 Yuan / ton. Benzene prices for Lanzhou Petrochemical will be 7,750-7,800 Yuan / ton and 7,350-7,450 Yuan / ton for Urumqi Petrochemical.

Fibre2fashion News Desk - China


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