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Benzene market observes bearish trend

31
Oct '08
Although benzene markets in Europe and America moved higher, Asian region is finding it hard to change its bearish trend. Wednesday market was flat. FOB Korea closed at US $356.50-$357.50 percent, South-East Asia closed at $340.50-$341.50 per ton, untouched by the strengthening trend in overseas markets of Europe and the United States.

In Asian markets, benzene shipment for the later part of December was offered at $340 per ton. One of the trade deals for November shipment was inked at US $350 per ton CFR South Korea.

Weak economy, feeble demand and falling benchmark for Benzene price are regarded as main factors for the drop in Asian benzene for November shipment from Japan Oil.

Japan Petrochemical offered Asian Benzene contract price for November shipment at US $520 per mt CFR, showing 51 percent fall from the previous month. Slower global economy has hurt all fields of petrochemical industry.

Fibre2fashion News Desk - China


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