11 July 2006 16:08 [Source: ICIS news]
LONDON (ICIS news)--European benzene was currently valued some $115-140/tonne higher than Asian product, opening up the arbitrage from Asia to Europe, traders said on Tuesday.
Spot benzene in Europe was valued at $1,040-1,070/tonne free on board (FOB) Amsterdam/Rotterdam/Antwerp (ARA), market players said. The cost of benzene in Asia was $925-930/tonne FOB Korea, due to weaker demand in the region, they added.
Because of the differential and talk of a tight European market, traders were attempting to fix volume from Asia to Europe for July loading.
A 5,000 tonnes cargo had been fixed from Map Ta Phut in Thailand to Europe and another 6,000 tonnes of material was reported but not confirmed to have been fixed from Korea to Rotterdam.
Shipping rates from Asia to Europe were around $75/tonne.
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