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Asian benzene prices dip on cues from crude oil

30
Jul '09
With the crude oil market reversing its direction and spreading bearish sentiment, Asian benzene fell US $24.75 per ton on Wednesday. FOB Korea closed at $860-861 per ton while FOB Southeast Asia closed at $851-852 per ton.

Offers for September cargo were at $870-880 per ton FOB Korea in the morning, but sharply declined to US $858 per ton later in the day as counteroffers made by buyers were at $840 per ton.

End-users of pure benzene in downstream sector strongly rejected benzene price at high-end, so bearish market sentiment were heavier. It is reported that a single deal was made at $858 per ton, FOB Korea, but it was not verified.

Towards the end of the session, GS Caltex made a deal with SABIC at $855 per ton for shipment in September. In other news, India shipped 6,000 tons of pure benzene to Singapore and Merak.

Exxon Mobil Co will ship 5,000 tons of pure benzene from Singapore to Saudi Arabia's Jubail Al Jubail in the first half of September.

In Asian markets, most market participants follow direction of oil markets and await further clarity and expect that pure benzene production will increase in the third and fourth quarters.

Fibre2fashion News Desk - China


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