Asia benzene, toluene rise $10-15/t on US market
25 March 2008 05:31 [Source: ICIS news]
SINGAPORE (ICIS news)--Asia’s benzene and toluene prices rose about $10-15/tonne by mid-day on Tuesday, on stronger US toluene and gasoline values overnight and expectations of firmer downstream styrene monomer (SM) demand, traders said on Tuesday.
Toluene prices saw greater increases compared to benzene on Tuesday. Prices rose $15/tonne from Monday to $995-1,005/tonne FOB (free on board) Korea during the morning session.
April n-grade toluene spot prices were heard at $3.16-3.20/gal FOB HTC (Houston Texas-City) late on Monday, up from $3.10-3.12/gal FOB HTC seen last Thursday.
No deals were heard in Asia, but bids for any May loading cargoes of open origin were heard at $985-990/tonne FOB Korea and for Korean origin at $1,000/tonne FOB Korea.
An offer which surfaced at the start of trades at $1,000/tonne FOB Korea, could not be located later.
Benzene prices in Asia rose in tandem and were assessed at $1,060-1,075/tonne FOB Korea, $5-10/tonne higher than Monday’s closing price.
Two deals were heard in quick succession at $1,072/tonne FOB Korea and at $1,074/tonne FOB Korea for May lifting respectively.
Bids and offers heard for May loading cargoes were on the rise from morning, with bids heard at $1,068-1,072/tonne FOB Korea around mid-day Tuesday, which met offers at $1,075-1,084/tonne FOB Korea.
A bid for prompt second-half April loading cargo was also cited at $1,057/tonne FOB Korea.
Benzene prices were also tracking the upturn seen in US toluene and gasoline markets while some market participants said they believed that crude prices had bottomed out, a Singapore-based trader said.
Demand was expected to firm from the SM segment in May when plants resume production after shutting in April for maintenance, a South Korean trader added.
By: Mahua Chakravarty
+65 6780 4359
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