Nippon Oil settles Dec benzene ACP $60/t lower

01 December 2008 07:42  [Source: ICIS news]

SINGAPORE (ICIS news)--Japanese benzene producer Nippon Oil Corp settled its December Asian Contract Price (ACP) $60/tonne (€47/tonne) lower than the previous month’s numbers, a company source said on Monday. 

 

The settlement at $310/tonne CFR (cost and freight) Asia was done Friday night, he said.

 

The 16.2% drop in December prices was due to poor demand from downstream segments in the region and the weak trend seen in the US and European benzene markets, the source said.

 

Nippon Oil’s customers had also requested a lower final price than Asian spot values, which they felt were high compared with other regions, the source said.

 

Benzene spot prices in Asia were about $350-365/tonne FOB (free on board) Korea on Monday, according to global chemical market intelligence service ICIS pricing.

 

($1 = €0.79)

 

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By: Mahua Chakravarty
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