Asia benzene plummets to 56-month low

22 October 2008 03:59 [Source: ICIS news]

SINGAPORE (ICIS news)-- Asia’s benzene spot price fell $65-70/tonne on Wednesday morning on weak crude prices and demand, said traders, representing the lowest level since March 2004, according to global chemical market intelligence service ICIS pricing.

Prices were notionally pegged at about $520-530/tonne FOB (free on board) Korea on Wednesday, $65-70/tonne lower than Tuesday’s close, with a bid heard at $490/tonne FOB Korea for any December loading.

Benzene prices in Asia have been on a steep downtrend, with prices dropping an astounding $465/tonne or 47% since the week ended 3 October 2008.

Traders and producers have attributed the recent price collapse to plummeting crude values and weakening demand from the downstream segments.

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By: Mahua Chakravarty
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