Europe spot benzene lowest in over five years

13 November 2008 17:50  [Source: ICIS news]

LONDON (ICIS news)--Spot benzene traded at a 65-month low in Europe on Thursday with the market seen as oversupplied into the end of the year despite a spate of cracker outages.

 

A November trade was reported at $315/tonne (€252/tonne) CIF (cost, insurance and freight) ARA (Amsterdam, Rotterdam, Antwerp) by a trader with confirmation from the seller, a second trader, pending.

 

According to global chemical market intelligence service ICIS pricing, this was the lowest since the week ended 9 May 2003, when trading was seen within a $290-310/tonne CIF ARA range.

 

The drop was seen as being predicated by a lack of demand, fears over downstream production, and ongoing falls in the energy complex.

 

Cracker rates were thought to be low across Europe, but given the extent to which demand was failing, players said that this was likely to make little difference to the market.

 

($1 = €0.80)

 

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By: Peter Salisbury
+44 20 8652 3214

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