Nippon Oil settles Nov benzene ACP 65% lower

05 November 2008 07:33  [Source: ICIS news]

SINGAPORE (ICIS news)—Japanese benzene producer, Nippon Oil has settled its November benzene Asian Contract Price (ACP) a hefty $690/tonne or 65% lower than the previous month, said a company source on Wednesday.

 

The settlement came late on Tuesday at $370/tonne CFR (cost and freight) Asia, delayed from its original settlement date on last Friday, he said.

 

Last week, the company nominated its November price at $520/tonne CFR Asia, $540/tonne lower than the October settlement.

 

The collapse in spot benzene values in the past month was the main reason for the sharp downward revision in the ACP settlement, the source added.

 

Spot benzene prices in Asia on Wednesday were at $375-390/tonne FOB (free on board) Korea, down $605-610/tonne from prices assessed a month back, according to global chemical market intelligence service ICIS pricing.

 

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By: Mahua Chakravarty
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