FocusAsia benzene hits eight-month lows

03 October 2008 06:36  [Source: ICIS news]

SINGAPORE (ICIS news)—Declining crude values and an overnight fall in US benzene numbers pushed Asia’s benzene to its lowest in eight months, said traders and producers on Friday.

 

Prices slipped below the psychologically important $1,000/tonne FOB (free on board) Korea mark for the first time since 24 January 2008, according to global chemical market intelligence service ICIS pricing.

 

Prices were assessed at $990-1,000/tonne FOB Korea towards mid-day, with an offer heard at $1,010/tonne FOB Korea countered by a bid at $985/tonne FOB Korea for any November loading.

 

A downtrend in the US benzene market, which is the key export destination for Asian sellers, was one of the key factors pushing Friday’s values lower, said a Japanese trader.

 

Also, a decline in crude values to $93/bbl has been the main driving factor to this week’s steep downturn, said other traders.

 

This is in addition to the persistent weak demand over the past months.

 

Demand from the downstream styrene monomer (SM) segment has been weak since the start of the third quarter as consumption of styrenic resins in China waned in light of an economic slowdown, they added.

 

Benzene prices have plummeted by $95/tonne or 8.7% since last Friday’s close.

 

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By: Mahua Chakravarty
+65 6780 4359

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