09 September 2008 15:43 [Source: ICIS news]
“The arb to the
European spot benzene was valued at $1,145-1,165/tonne (€813-827/tonne) CIF (cost, insurance and freight) ARA (Amsterdam, Rotterdam, Antwerp) for September and October loading on Tuesday afternoon, with styrene talked at $1,520-1,550/tonne FOB (free on board) Rotterdam for September loading.
Toluene was bid at $980/tonne FOB
In the US, meanwhile, markets had closed the night before with benzene valued at $4.25-4.35/gallon FOB HTC (Houston Texas Central), equivalent to $1,279-1,310/tonne FOB HTC, styrene at 78-80 cents/gallon FOB HTC, or $1,719-1,763/tonne FOB USG (US Gulf), and toluene at $3.70-3.75/tonne FOB HTC, or $1,125-1,155/tonne FOB HTC.
These were respectively $134-145/tonne, $199-213/tonne, and $135-145/tonne higher than in
With shipping from
“The last week or so, we have seen at least 20,000 tonnes of benzene load from
Another trader said that 6,000 tonnes of toluene had loaded for US landing in the past week.
In August, benzene players had exploited an early September to September arbitrage window, with ships now loading bound west.
This, traders said, meant that an even more profitable opportunity was due to be passed up, especially if further disruption was seen in the shipping lanes.
In light of this, Hurricane Ike was seen to be strengthening on its way towards the
($1 = €0.71)
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