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Asian benzene prices rebound sharply

10
Sep '09
Asian benzene market rebounded sharply on Wednesday, on receiving strong support from international crude oil and European and American markets. FOB price of South Korean Benzene closed at US $804-805 per ton, up $24.75 per ton from the previous day.

FOB price of Southeast Asian Benzene closed at $792-793 per ton, up $26.75 per ton. In Asian market, offers for shipment in the second half of October stood at $820 per ton, counteroffers for shipment in November were $800 per ton, and corresponding offers were at $825 per ton.

Considering transactions on Wednesday, Sabic made a resale transaction with GS Caltex at $805 per ton for October Benzene cargo. One single deal was completed at $815 per ton for November Benzene cargo outside the screen.

The arbitrage window between Asia and Europe and the US remained closed, however, some Asian Benzene were shipped to the Middle East. Parts of the cargoes were shipped from Southeast Asia to Arabian Gulf and supplies in Southeast Asia were tight.

Buyers looked for pure benzene cargoes with shipment in the first half of October; counteroffers for CFR Taiwan were at $800 per ton.

Fibre2fashion News Desk - China


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