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Benzene market sees bearish trend

13
Nov '08
As international oil price inched below US $60, benzene traders, on November 12, became cautious with a wait-and-see attitude.

In the European Benzene Market, prices moved down to close at $400 per mt CIF ARA level for November and December. The market opened with prices at around $395-400 per mt CIF ARA for November against bids at around $375-380/mt CIF ARA for November, and few of the contracts were inked at this price only. Towards the closing of the session, offer prices stood at $360/mt CIF ARA for November.

As far as the US market is concerned, Benzene prices plunged by 7-10cts per gallon on Wednesday, on the back of volatile energy prices. During the opening session, offer prices stood at $1.45-$1.50 per gallon for November and December. As closing time approached, offer prices were assessed at around $1.40-$1.45 per gallon for November and December and at around $1.45-$1.50 per gallon for January.

In the Asian market, offer price from buyers declined to US $400 per ton, FOB Korea; the negotiation level of opening offer for shipment in second half of December stood at $370-$410 per ton, FOB Korea. As for January contract, spot level was pegged to be about $10 per mt higher than December market.

Today, In the Asian market, prices fell to $370-380 per ton FOB Korea with an offer standing at $390 per ton FOB Korea for December shipment.

In the China region, market remained quiet on Wednesday. Prices closed firmly at RMB 2,900-3,000 per mt Eastern China with thin trading talks.

Domestic benzene market consolidated amid turbulence; some local markets see tight supply and increased price. Basic situation in the market slightly improved in recent time; import price continues to hover at low level. With moderate sales demand from downstream factories were temporarily stable.

The implementation prices Sinopec in Northern and Eastern China are unified at 3,000 yuan per ton, by midweek; the price in Southern China rose to 3400 yuan per ton.

In North China, mainstream transaction price in benzene market was quoted at 3400-36000 yuan per ton; 3500-3700 yuan per ton in Eastern China, at 3500-3600 yuan per ton in Southern China.

Limited negotiations and flat transactions were putting pressure on domestic benzene market. However, market analysts expect that benzene price will follow current consolidation for the time being.

Fibre2fashion News Desk - China


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