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Asian benzene market recovers after bottoming out

27
Aug '09
Asian benzene market fell US $7.75 per ton on Wednesday and FOB South Korea closed at $777.5-778.5 per ton and FOB Southeast Asia closed at $763.5-764.5 per ton. The market witnessed repeated shocks on the day.

The opening negotiation level declined by $25 per ton to $760.5, FOB South Korea, mainly due to sharply declining price of benzene in the United States and impact of crude oil prices.

In the morning, one deal was made at a low of $760 per ton, FOB South Korea for shipment in October and the market seemed to have bottomed out. But, in the afternoon, buyer interest gradually increased and offers ranged between $765-770 per ton, but most sellers were not interested in that price level.

Asian benzene market is covered with a bearish and confused sentiment. About 70,000 tons of benzene will arrive in US markets from Asia, which will lead to an increase in supply and may also have an impact on prices.

Fibre2fashion News Desk - China


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