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Asian benzene market inches upward

27
Nov '08
As manufacturers continue their speculative buying in spot market, Asian benzene market rose by US $2.5 per ton on Wednesday; South Korea closed at $332.75-$333.75 per ton; South-East Asia at $309.25-$310.25 per ton, but weak fundamentals of crude oil restricted the rising pace in benzene market.

At present, unreasonable price gap between naphtha and benzene makes it more sensible to buy benzene in spot market rather than to produce it. Wednesday morning session was moderate, but it became active during the evening session.

GS Caltex opened its offer for shipment in the second half of December at $305 per mt FOB, and further raised the price to $323 per mt near close time.

In addition, BIT (BASF Intertrade) offers stood at $310 per mt CFR Singapore for December shipment.

Outside the screen, Koch concluded transaction with SK Energy for benzene shipment either in the first or the second half of December at $330 per mt FOB.

On November 27, the ex-factory price of benzene from Lanzhou Petrochemical is implemented at 2850 yuan per ton, but contract price is slightly lower, parts of its productions are sold in North China and East China. Sales are better; inventory is back to normal level. The company consumes most of its production itself. The manufacturer has an annual capacity of producing 160,000 tons of benzene, 130,000 tons of toluene, and 110,000 tons of xylene.

The ex-factory price of benzene from Sinopec Shanghai Branch is implemented at 3,000 yuan per ton, including Zhenhai Refining and Chemical, Jinling Petrochemical, and Shanghai Petrochemical.

The ex-factory price of benzene from Sinopec Guangzhou sales branch is implemented at 3,000 yuan per ton, including Changling Refinery, Wuhan Petrochemical, Maoming Petrochemical.

For World market prices click here

Fibre2fashion News Desk - China


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