19 June 2008 04:51 [Source: ICIS news]
SINGAPORE (ICIS news)--Asian benzene values slipped $20/tonne on Thursday morning due to an overnight decline in US values and a resultant weak trading sentiment in Asia, said traders.
Despite overnight increases in NYMEX crude values to $136/bbl, Asia’s benzene values were notionally assessed at $1,300-1,310/tonne FOB (free on board) Korea, $20/tonne lower than Wednesday’s close.
An offer for a big berth any August loading $1,325/tonne FOB Korea heard at the start of trades slid to $1,305-1,310/tonne FOB Korea closer to mid-day in Singapore. No bids were heard.
A deal was heard at $1,300/tonne FOB Korea for a big berth any August loading cargo, $22/tonne lower than the last transaction Wednesday.
"Sentiment is weak [here] as Asia benzene is too high compared with the US," said a Korean trader.
Asia is a net exporter of benzene to the US, with an estimated 40,000-50,000 tonnes shipped every month when the arbitrage window is open.
The US benzene spot bid-offer range for June was at $4.06-4.09/gal FOB (free on board) HTC (Houston-Texas City) late Wednesday evening, down from $4.12-4.17/gal FOB HTC on Tuesday.
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