30 September 2009 11:04 [Source: ICIS news]
SINGAPORE (ICIS news)--Key Japanese benzene producer Nippon Oil has settled its October Asian Contract Price (ACP) $100/tonne (€69/tonne) lower than September levels following a decrease in spot prices, a company source said on Wednesday.
The October settlement price was $700/tonne CFR (cost and freight) Asia, the source said. The price was also $100/tonne lower than the company’s nomination on Thursday.
"As spot values in Asia have been falling in September, we settled the October ACP in line with the overall trend in the market," the source added.
Benzene prices on an FOB (free on board) Korea basis fell $125/tonne in the past two weeks. Prices dropped further this week by $20/tonne, following declines in the US and European markets amid weaker crude futures values and expectations of Chinese material flooding the Asian market in the fourth quarter.
Asian benzene spot prices were assessed at $685-695/tonne FOB (free on board) on Wednesday, according to global chemical market intelligence service ICIS pricing.
Nippon Oil produces benzene at six locations in Japan – Muroran, Sendai, Negishi, Mizushima, Marifu and Kawasaki.
($1 = €0.69)
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