APIC '05: Ample benzene supply in Asia weighing down prices

20 May 2005 09:41  [Source: ICIS news]

YOKOHAMA (CNI)--Ample supply in the Asian benzene market was weighing down prices, industry sources told CNI here on the sidelines of the 26th Asia Petrochemical Industry Conference (APIC) on Friday.
Benzene values have slipped from $1,200/tonne FOB Korea in March to below $700/tonne FOB Korea in May. With prices in the US and Europe also declining steeply for the past few weeks, arbitrage opportunities from Asia to the other regions have been curtailed.
Several sources pointed to a possible recovery for the benzene sector in July, when the turnarounds for most Asian styrene monomer (SM) plants will be completed. When the downstream facilities are running, benzene consumption will increase and supply will shorten, leading to higher prices, they pointed out.
The 26th APIC ends on Friday.

By: Clive Ong
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