Asia benzene falls $25-30/tonne on crude

20 June 2008 05:22  [Source: ICIS news]

SINGAPORE (ICIS news)--Asian benzene values hit a five-week low on Friday with prices falling $25-30/tonne in line with the overnight decline in crude values, according to global chemical market intelligence service ICIS pricing.

Prices were assessed at $1,280-1,290/tonne FOB (free on board) Korea around mid-day in Singapore, $25-30/tonne lower than Thursday’s close.

Offers were heard at $1,305-1,310/tonne for big berth any August loading cargoes, that met bids at $1,260-1,265/tonne, $40-47/tonne lower than Thursday’s deals.

Today’s price decline brought the Asian market close to the levels seen the week ended 16 May at $1,235-1,250/tonne.

The downturn in prices was in line with the overnight fall in NYMEX light sweet crude futures for July delivery by $4.75 to $131.93/bbl following the report that China was raising fuel prices.

Benzene prices in Asia this week have been on a downtrend this week, notching up this week’s total losses to $50/tonne compared with last Friday’s close.

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

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