20 July 2007 05:01 [Source: ICIS news]
SINGAPORE (ICIS news)--Asia benzene exports to the US was higher than usual in July due to excess supply in the region and strong demand in the US, said traders and producers on Friday.
At least 55,000 tonnes of Asian spot material was heard to be under discussion or fixed for export to the US in July, higher than the estimated average of 40,000 tonnes/month of shipped from Asia, they added.
Another trader estimated that the July exports could have reached as much as 65,000 tonnes.
The higher export volumes were partly due to the efforts to reduce mounting inventory levels in Asia, traders and producers said.
Demand from the US was also strong as European exports were cut, said a trader. He estimated the monthly demand for benzene imports in the US to be at about 80,000 tonnes.
A 25,000-tonne spot cargo for second-half July loading from Ulsan, South Korea to the US was under discussion, said a Singapore-based trader. Shipping sources said that the deal had been concluded.
Another 30,000-tonne spot benzene cargo was shipped early this week from Korea to the US, a producer said.
It was also discussing a 20,000 tonne benzene and toluene combined fixture for August loading from Korea to the US, he added.
Another west Asia-based producer said it would ship a 10,000 tonne term cargo to the US in the first week of August.
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