Asia benzene up $25/t on higher US, Europe values

11 February 2008 09:59 [Source: ICIS news]

SINGAPORE (ICIS news)--Higher US and Europe benzene values on Friday and stronger crude pushed Asian prices $25/tonne higher during Monday’s session, said traders.

Prices for March cargoes were assessed at $1,030-1,040/tonne FOB (free on board) Korea, $25/tonne higher than last Wednesday’s closing price (before the Chinese New Year holiday) at $1,005-1,015/tonne FOB Korea, according to global chemical market intelligence service ICIS pricing.

Also supporting the benzene uptrend in Asia was stronger crude values. West Texas Intermediate (WTI) moved beyond $92/bbl by mid-day in Asia, propelled by concerns over threats by Venezuela to halt oil exports to the US.

Offers for big berth March benzene cargoes were heard at $1,040-1,050/tonne FOB Korea, against a bid at $1,025/tonne.

Deals and price discussions remained thin due to the lingering holiday mood after the five-day long break for Lunar New Year in parts of Asia.

But the day started with offers for big berth any April cargoes heard at $1,060/tonne FOB Korea, countered by bids which rose from $1,020/tonne FOB Korea to $1,045/tonne FOB Korea.

Last Friday, prices in the US market for February cargoes ended the day at $3.62-3.66/gal FOB HTC (Houston Texas City), up from $3.60-3.62/gal FOB HTC on Thursday.

Prior to that, European spot values also firmed $15-20/tonne to $1,130-1,145/tonne CIF (cost, insurance and freight) ARA (Amsterdam, Rotterdam, Antwerp) for February amid talks of tight supply.

By: Mahua Chakravarty
+65 6780 4359

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