Asia benzene jumps $30/t on crude, overseas gains
12 February 2008 07:38 [Source: ICIS news]
SINGAPORE (ICIS news)--Benzene prices in Asia climbed another $30/tonne on the back of overnight gains in crude values and hikes in the Europe and US markets, said traders and a producer on Tuesday.
Prices in Asia firmed another $30/tonne by mid-day on Tuesday, notching up the total gains since Monday to $55/tonne.
Traders said the uptrend in Asia was due to the increases in crude values seen overnight.
NYMEX crude futures settled above $93/bbl late on Monday, sparking an upturn in the Asian market on Tuesday.
The continuing firm trend in the US and European benzene markets were also cited as the supporting factors to the uptrend in Asia.
Overnight Monday, US benzene prices were at $3.69-3.74/gal FOB (free on board) HTC (Houston-Texas-City), up from $3.62-3.66/gal FOB on Friday.
A similar upturn was seen in Europe where closing indications for benzene were at $1,170-1,180/tonne CIF (cost, insurance and freight) ARA (Amsterdam, Rotterdam, Antwerp) for February, higher than Friday’s prices at $1,130-1,145/tonne CIF.
Asian values were notionally assessed at $1,060-1,070/tonne FOB (free on board) Korea, reflecting prices for March shipments. No price indications for March cargoes could be located on Tuesday morning, but March cargoes were notionally pegged $10/tonne lower than April shipments.
Bids for big berth April loading cargoes were at $1,055-1,070/tonne FOB Korea around mid-day Tuesday which were countered by an offer at $1,090-1,100/tonne FOB.
Late on Monday evening, a trader said he sold a 3,000-tonne March loading cargo at $1,062/tonne FOB Korea.
For more on benzene visit ICIS chemical intelligence
By: Mahua Chakravarty
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