Nippon Oil settles Oct benzene ACP $125/t lower

01 October 2008 08:37  [Source: ICIS news]

SINGAPORE (ICIS news)--Japanese benzene producer Nippon Oil has settled its October benzene Asian contract price (ACP) $125/tonne lower than September, said a company source on Wednesday.

The October settlement was concluded on Tuesday at $1,060/tonne CFR (cost and freight) Asia, she added.

The two main reasons for the 10.5% fall from the September settlement was the decline in spot benzene values and weaker crude values, the source added.

NYMEX crude was at $101.24/bbl at 7:00 GMT.

On Wednesday, Asian spot benzene was assessed at $1,020-1,035/tonne FOB (free on board) Korea, $60-65/tonne lower than last Friday’s close, according to global chemical market intelligence service ICIS pricing.

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By: Mahua Chakravarty
+65 6780 4359

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