NewsFlashNippon Oil May benzene ACP $60/t up

30 April 2008 12:14  [Source: ICIS news]

SINGAPORE (ICIS news)--Japanese aromatics major Nippon Oil has settled its May benzene Asian contract price (ACP) 5.5% or $60/tonne higher than April on high feedstock and tighter supply, a company source said on Wednesday.

 

The settlement was concluded at $1,145/tonne CFR (cost and freight) Asia, up from the April settlement at $1,085/tonne CFR Asia. 

 

The hike was mainly due to higher feedstock crude and naphtha costs, and due to the tightened supply of benzene in Asia, he said. 

 

Supply of benzene in the recent weeks has tightened due to outages at plants in southeast Asia and Japan, and the lowering of operating rates by aromatics producers across the region, said market participants. 

 

The May settlement was $35/tonne lower than the nomination announced by the company last Tuesday.

 

Benzene prices in Asia were $10/tonne higher at the close of Wednesday’s trades at $1,150-1,160/tonne FOB (free on board) Korea, according to global chemical market intelligence service ICIS pricing.

 

The boost in prices came due to tightened supply and some traders taking long position, said traders.

 

For more on aromatics visit ICIS chemical intelligence 

By: Mahua Chakravarty
+65 6780 4359

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