Nippon Oil raises August benzene nomination

26 July 2007 05:18  [Source: ICIS news]

SINGAPORE (ICIS news)--Japanese major Nippon Oil has nominated its August benzene Asian Contract Price (ACP) at $1,055/tonne CFR (cost and freight) Asia, $10/tonne higher than July’s settlement, a source close to the company said on Thursday.

The company expected a settlement by end of this month, the source added.

On Thursday, spot benzene prices were pegged higher than Wednesday at $1,020-1,035/tonne FOB (free on board) Korea based on buy-sell indications heard for big berth September cargoes, according to global chemical market intelligence service ICIS pricing.

Spot prices had been on a downtrend until Wednesday due to weakening US benzene and gasoline values.

Nippon Oil is the only producer that settles benzene contracts using the ACP system. The company produces benzene in six plants located across Japan.

By: Mahua Chakravarty
+65 6780 4359

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