NewsFlashAsia benzene crosses $1,300/t on crude

22 May 2008 04:44  [Source: ICIS news]

SINGAPORE (ICIS news)--Asia’s benzene surged past the $1,300/tonne mark on Thursday morning, touching a fresh 12-year-high record on escalating crude values above $134/bbl, as per historical data from global chemical market intelligence service ICIS pricing. 

Prices were assessed on an FOB (free on board) Korea basis.

Bids for July loading cargoes were heard at $1,285-1,300/tonne from the start of Thursday’s trades that met an offer at $1,340/tonne.

Prices rose sharply by $40/tonne compared to Wednesday’s close and were assessed at $1,310-1,320/tonne.

"The cost of crude is very high and $1,300/tonne is still not enough for producers," a key Japanese producer said.

Today’s price hike brought this week’s total gains to $70-75/tonne, mainly supported by the surge in crude values and corresponding increases in the US market.

For more on benzene visit ICIS chemical intelligence
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By: Mahua Chakravarty
+65 6780 4359

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