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Benzene market experience a sharp down trend

10
Oct '08
Asian Benzene market has fallen sharply this week and the existing price has touched the lowest mark in the past two years. FOB Korea closed at US $869.00-$870.00 per ton on Wednesday, South-East Asia closed at $850.50-$851.50 per ton, and both slumped by $50 per ton.

Excess supply, weak demand and global financial crisis has dampened the market sentiment. Asian market is finding it difficult to over come the bearish atmosphere, even the slight recovery in crude oil on Tuesday failed to trigger any prominent move in Benzene market.

Asian market offered December shipment at $920 per mt and offer price for January delivery stood at $870 per mt.

Poor fundamentals of Asian Benzene market have forced manufacturers in Asian region to cut prices and production operation further. China's petrochemical market dropped by 400 yuan per ton to reach 7800 yuan per ton. Market sources say that Benzene producers in Japan and South Korea plan to reduce production operation further due to weak profits.

Even in the US market, November and December contracts show that Benzene futures fell 15 cents and 10 cents on Tuesday. European Benzene closed down $10 per ton, to below $1000 per mt CIF ARA, due to weak demand of styrene, phenol and acetone from lower reaches.

For World market prices click here

Fibre2fashion News Desk - China


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