25 January 2007 11:21 [Source: ICIS news]
LONDON (ICIS news)--European benzene soared by $40-45/tonne on the back of higher US and ?xml:namespace>
European February benzene was last assessed at $950-965/tonne (€731-743/tonne) CIF (cost, insurance, freight) ARA (Amsterdam, Rotterdam, Antwerp) on Thursday morning, according to global chemical market intelligence service ICIS pricing, after closing at $910-920/tonne on Wednesday.
The jump of $40-45/tonne was, according to traders, widely attributed to firmer US February benzene values, which closed on Wednesday at $3.23-3.27/gal DDP (delivery duty paid) USG (US Gulf Coast), roughly equivalent to $966-977/tonne DDP USG.
Furthermore, Asia benzene was assessed at $925-935/tonne FOB (free on board)
Traders said that the European market had become less oversupplied in the last week due to shipments to the
The US arbitrage could appear to have closed on paper due to higher European values, but some traders felt the current levels had been reached too fast, were unsustainable and could change downward as soon as the US market opens.
Upstream, naphtha indications were at $520-524/tonne CIF NWE (northwest
Downstream, styrene was slowly pulled upwards by the hike in benzene with February values at $1,160-1,170/tonne FOB
($1 = €0.77)
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