20 November 2008 09:43 [Source: ICIS news]
SINGAPORE (ICIS news)--Asia’s benzene values fell below the $300/tonne mark, levels not seen since February 2002, on the back of lower crude values and weak market fundamentals, said traders and producers said on Thursday.
A deal was heard concluded at $290/tonne FOB (free on board) ?xml:namespace>
Prices have fallen by a hefty $695-705/tonne or 70-71% since 3 October 2008, according to global chemical market intelligence service ICIS pricing.
“Demand is very bad, and there is no place for benzene to go,” said a Korean trader, referring to the poor derivatives market situation and the closed arbitrage window for exports to the
The downtrend in crude values, which touched $52/bbl on Thursday, added pressure on benzene.
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