Asia benzene slips $20/tonne on crude, weaker demand

17 February 2009 10:25  [Source: ICIS news]

SINGAPORE (ICIS news)--Asian benzene spot prices have fallen $20/tonne during trading due to a slide in crude values and a slowdown in demand from China, traders said on Tuesday.

Prices fell to levels of $425-435/tonne FOB (free on board) Korea late in the afternoon, $20/tonne lower than Monday’s levels, according to global chemical market intelligence service ICIS pricing.

A deal was reported at $430/tonne FOB Korea for any April loading. Offers for the same month slid to $435/tonne FOB Korea in the late afternoon from $460/tonne FOB Korea in the morning.

A decline in crude values on Tuesday to $36/bbl, along with the overall depressed economic conditions, were exerting pressure on benzene prices, said a trader.

China also stopped buying imported parcels this week, after purchasing heavily in the past two months, according to another regional trader.

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By: Mahua Chakravarty
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