12 August 2008 05:40 [Source: ICIS news]
SINGAPORE (ICIS news)--Asia’s benzene and toluene values are showing no signs of shaking off their recent bear run and have declined another $25-30/tonne on Tuesday to a fresh three-month low in line with lower crude values, according to global chemical market intelligence service ICIS pricing.
Benzene prices slipped another $30/tonne from last Friday’s close to $1,160-1,170/tonne FOB (free on board) Korea, the lowest level seen since 2 May.
Tuesday’s trading was sluggish in Asia with only offers for October loading cargoes heard at $1,180-1,185/tonne FOB Korea, about $15/tonne lower than Monday’s offers. Bids were heard at $1,135-1,150/tonne FOB Korea, $15-20/tonne lower than Monday’s levels.
No discussions for the prompt month September emerged with values at a discount of about $5-10/tonne to October, said market participants.
September supply was longer than October and was the reason for a contango market, said a trader.
Toluene values also softened $25-30/tonne this week to $1,075-1,085/tonne FOB Korea on Tuesday, crossing the psychological $1,100/tonne mark for the first time since 5 May.
Trading was lacklustre with no September buy-sell indications heard on Tuesday. But offers for September loading cargoes were heard at $1,099-1,105/tonne FOB Korea on Monday afternoon. Buyers waited at the sidelines, with no bids heard.
Benzene values have fallen $125-130/tonne and toluene by $85/tonne since the week ended 25 July on weakening crude and weak market fundamentals.
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