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Asian pure benzene continues to rise on Wednesday

15
Oct '09
Asian pure benzene continued to rise on Wednesday and grew by US $5.25, on expectations that shipments may reach European and American markets by the second half of November to counter-balance the declining trend of prices in two places.

Pure benzene FOB South Korea closed at $776.5-777.5 per ton and pure benzene FOB Southeast Asia closed at $773.5-774.5 per ton. In Asian markets, morning offers for December shipment were at US $775 per ton FOB South Korea, but rose to US $800 in the afternoon.

In the trade window, Trammochem sold one cargo to GS Caltex at US $777 per ton for shipment in the second half of November. About 9,000 tons of pure benzene will be shipped from Indonesian Tuban island to Kuwait. 6,000 tons of cargos will be shipped between November 20-25, another 3,000 tons will be shipped between November 16-19.

In company news, a Kuwaiti Petrochemical manufacturing plant with an annual capacity of 830,000 tons plans to start commercial production on Thursday. This plant will produce 390,000 tons of pure benzene every year, mainly used in producing styrene by Kuwaiti Styrene Company, this plant started production from mid-August.

Market sources say that Vitol Corporation will transport 9,000 tons of pure benzene from Chinese Dalian to ARA region between end of October and beginning of November.

Fibre2fashion News Desk - India


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