28 August 2008 05:40 [Source: ICIS news]
SINGAPORE (ICIS news)--Asian benzene crossed the $1,200/tonne mark on Thursday, hitting a three-week high in line with the overnight increases in crude, according to global chemical market intelligence service ICIS pricing.
Prices were assessed at $1,195-1,205/tonne FOB (free on board) Korea, $15/tonne higher than Wednesday’s close.
Bids for October loading cargoes were heard about $10-15/tonne higher at $1,190-1,195/tonne. The last time prices were above $1,200/tonne FOB Korea was in early August.
The Asian benzene market has been on a stable-to-firm trend this week, with prices firming $10-15/tonne from last Friday’s close. Overall, prices have firmed about $65-70/tonne since the end of August.
Traders and producers attributed this to the increases in crude values seen from end of last week and a firm trend in the US benzene market.
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