23 March 2009 04:25 [Source: ICIS news]
SINGAPORE (ICIS news)--Asian benzene was hovering at five-month highs on Monday after crossing the $450/tonne (€333/tonne) level last Friday on the back of surging crude values and a firm downstream styrene monomer (SM) market, said traders and producers.
Prices were largely stable in morning trade amid thin trading after closing at $460-470/tonne FOB (free on board) ?xml:namespace>
Crude values breaching the $50/bbl level late last week, along with the uptrend in SM values, pushed benzene higher, said traders and producers.
Benzene demand from SM producers has been on the rise since the hike in SM values in the past few weeks, they added.
SM plants in
Tight benzene supply in
Asia benzene values has been the lowest priced among all major aromatics products in this region since the fourth quarter last year as prices collapsed from mid-$900/tonne FOB Korea level in early October 2008 to $350/tonne FOB Korea by the end of the same month.
($1 = €0.74)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections