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Asian benzene markets reflect limited gains

07
May '09
U.S. and European benzene markets continued to rise on May 6, but price stayed basically firm. U.S. Gulf prices for May and July cargoes rose by US $38.91 per ton. In Europe, CIF ARA basic prices for May and June cargoes grew by $56 per ton to $640-650 per ton.

In Asian markets, early morning offers for July was at $600-605 per ton FOB Korea, but lacked sellers. Although prices in overseas markets rose, the Asian market mainly held a wait and watch attitude.

In the afternoon, offers for cargoes delivered in June increased to $608-620 per ton and offers for cargoes for arrivals in July were quoted at $611-620 per ton. Most sellers focused on cargoes to be delivered in July.

CAO sold to Trammochem a single cargo for shipment in July at $612 per ton. Asian market participants said that the entire regional market was in line with European and American markets, June cargo lacked buyers.

Although impacted by overseas markets, Asian markets were only active in morning trading; the fundamentals were weak in Asia, because Asia is waiting Japan's return to the market after the end of its holidays.

Fibre2fashion News Desk - China


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