09 October 2009 14:03 [Source: ICIS news]
LONDON (ICIS news)--Dow Chemical has been running its benzene unit at Terneuzen, the ?xml:namespace>
“We expect to shut down our plant sometime in mid-October [for repairs] but the duration is yet unknown, perhaps for a week or two,” added the source.
Players in the market said they had already suspected that Dow was experiencing technical problems, as the American chemical company had been noted on the buy side in the spot market since 2 October.
Benzene buying interest in the
“Prices are moving up because buying interest is bigger than supply,” said a trader.
Some sources said European benzene values, currently being the highest globally, could trigger imports.
Nevertheless, it appeared that the
Deals in the US were reported on 8 October at $2.80/gallon for October and $2.75/gallon for November, both on a free on board (FOB) US Gulf basis, while Asian values were pegged at $770-790/tonne FOB Korea, according to global chemical market intelligence service ICIS pricing.
There was currently no opportunity to ship to
European benzene values continued their upward trend on Friday, with deals reported at $850-880/tonne CIF (cost, insurance, freight) ARA (Amsterdam, Rotterdam, Antwerp), with reports that some trades took place as high as $900/tonne.
Dow’s benzene plant at Terneuzen has an annual capacity of 900,000 tonnes, which includes both extraction and the hydrodealkylation (HDA) unit, the source said.
($1 = €0.68)
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