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Asian Benzene markets may turn bearish

24
Sep '09
Asian benzene market rose marginally by US $1.5 per ton on Wednesday. FOB South Korea Benzene closed at $746.25-747.25 per ton while FOB Southeast Asia Benzene closed at $744.25-745.25 per ton.

Market players showed heavy bearish sentiment towards market conditions in the fourth quarter as benzene supply has increased in some areas. In the morning, offers for November shipment stood at $765 per ton FOB Korea, but fell to US $755 per ton in the afternoon.

Offers for shipment in the second half of October touched $720 per ton, offers for shipment in November stayed at US $730 per ton and offers for shipment in December were $10 per ton higher than those prevailing for November.

However, continuous drop in prices of benzene, has led to a sharp decline in quotes of phenol. Spot prices of phenol have fallen to $970 per ton CFR China within one month.

Under normal circumstances, phenol prices should be higher by $300 per ton, than its feedstock; Benzene. Observers note that, the market could carry out arbitrage by shipping Benzene from Europe to the US.

But recent increase in export volumes from China has created a bearish sentiment in the market. In China, August benzene exports reached 65,000 tons and imports registered 17,000 tons. The majority of downstream plants use domestic benzene supply, as domestic supply price is lower than international price.

Fibre2fashion News Desk - China


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