Asia benzene sinks to 5-year low on weak demand

22 October 2008 10:44  [Source: ICIS news]

SINGAPORE (ICIS news)--Weak demand from key downstream sectors such as styrene monomer (SM) and phenol pushed Asia’s benzene values down $95-100/tonne lower than Tuesday, below $500/tonne for the first time since December 2003, said traders on Wednesday.

 

Prices plunged with a deal heard at $490/tonne FOB (free on board) Korea for December loading.

 

“The market’s in a state of panic,” said a Korean trader, referring to the massive $495/tonne fall in values from the week ended 3 October.

 

There was almost no demand from downstream and the regional balance was long, a Japanese trader said.

 

For more on benzene visit ICIS chemical intelligence

To discuss issues facing the chemical industry go to ICIS connect

 

 

By: Mahua Chakravarty
+65 6780 4359

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly