Nippon Oil nominates April benzene $30/t higher

26 March 2008 10:45  [Source: ICIS news]

SINGAPORE (ICIS news)--Japanese benzene producer Nippon Oil nominated its April benzene Asia contract price (ACP) $30/tonne higher compared with the March settlement due to coming tight supply, said a company source on Wednesday. 

 

The nomination for April ACP was announced on Tuesday with the settlement due towards early next week, he said.

 

The source confirmed the nomination at $1,120/tonne CFR (cost and freight) Asia was higher due to expectations of tighter supply in Asia from next month.

 

Turnarounds in Japan and some other countries were expected to tighten supply in the region.  

 

Also supporting the hike in nomination was the strength in crude and naphtha markets, the source added.

 

Meanwhile, benzene spot prices in Asia were assessed $10/tonne higher than on Tuesday at $1,080-1,090/tonne FOB (free on board) Korea at the close of trade, according to global chemical market intelligence service ICIS pricing.

By: Mahua Chakravarty
+65 6780 4359

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