Asia benzene sheds $60/t, slides to 7-month low

16 September 2008 05:38  [Source: ICIS news]

SINGAPORE (ICIS news)--Asian benzene values fell another $60/tonne on Tuesday touching a 7-month low and breaking the $1,100/tonne mark, according to global chemical market intelligence service ICIS pricing.

Prices breached the $1,100/tonne FOB (free on board) Korea mark for the first time since 18 April and spiralled down sharply to touch the lowest seen since 14 February this year.

Prices were notionally assessed at $1,050-1,060/tonne FOB Korea on Tuesday, $60/tonne lower than Monday’s close.

An offer heard at $1,110/tonne at the start of trades slid to $1,080/tonne for November loading, and was met with a bid at $1,000/tonne.

The downturn in prices came alongside the sharp fall in crude values during overnight trading to $93/bbl.

On Tuesday morning in Asia, crude futures prices dived to a new seven-month low, with WTI touching $92.01/bbl, amid continued turmoil in the financial markets and concerns over the long term impact on the global economy and the demand for energy.

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By: Mahua Chakravarty
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