25 June 2008 10:25 [Source: ICIS news]
SHANGHAI (ICIS news)--Shandong Coking Association has settled the guiding price of crude benzene at yuan (CNY) 7,500/tonne ($1,092/tonne) for July, around CNY 1,000/tonne ($146/tonne) higher than last month, said an official of the local Coking Association on Wednesday.
Crude benzene offers have surged in eastern Shandong province to CNY 7,200-7,500/tonne ($1,048-1,092/tonne) EXWH (ex-warehouse) for end-June, up CNY1, 200/tonne ($175/tonne) from the average traded price last week, said traders.
Most downstream hydro-coking benzene producers would suspend production when they have no inventory rather than accept such high feedstock costs, they said.
“Crude benzene has reached a record high this month and we can’t afford it. The only thing we can do is wait,” said a downstream producer.
No deals have yet been done at CNY 7,200-7,500/tonne in ?xml:namespace>
($1 = CNY 6.87)
Grace Zhou from CBI contributed to this article
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