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Asia Benzene market shows bearish sentiment

16
Oct '08
Asia Benzene market declined on Wednesday, October 15, due to bearish sentiment prompted by weak demand and over supply; FOB Korea fell US $29 per ton to stand at $783.50-$784.50 per ton; South-East Asia fell $27 to close at $767.00-768.00 per ton, FOB Korean benchmark price closed down at a 25-month low.

Naphtha prices fell sharply by $76.5 to touch $508.5 per ton; although Asian Benzene valuation reduced $29 per ton. However, actual price drop was $25 per ton, due to the adjustment of November-December futures.

On Wednesday, the opening bid for Benzene cargo beyond December stood at $840 per ton; price fell up to $815 per ton by the end of the day. Where as transaction price quoted at $790 per ton.

The General Administration of Korean Customs release shows that Korea exported 56,340 tons of Benzene in September, four times of higher compared to August exports which was around 12,471 tons.

In the domestic front today, the early October implementation price of Benzene from Jiujiang Petrochemical, Shanghai Petrochemical, Yangzi Petrochemical, Zhenhai Refining & Chemical under Shanghai Petrochemical Branch of Sinopec sees a reduction by 500 yuan per ton to stand at 6500 yuan per ton.

Due to weak demand, ex-factory price of Sinopec Beijing Branch is quoted at 7000 yuan per ton.

Ex-factory price of Maoming Petrochemical is quoted at 7000 yuan per ton, shipments are in usual state; present inventories are about 3700 tons.

Tianjin Petrochemical having annual capacity of producing 140,000 tons of benzene is currently shutdown for maintenance purpose. The manufacturer is expected to resume production on October 23.

For World market prices click here

Fibre2fashion News Desk - China


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