27 January 2010 07:18 [Source: ICIS news]
SINGAPORE (ICIS news)--Japanese aromatics major Nippon Oil has hiked its February Asian Contract Price (ACP) nomination for benzene by $90/tonne (€64/tonne) from its January settlement in line with rise in spot values seen earlier in this month, a company source said on Wednesday.
The company announced its February nomination at $1,090/tonne CFR (cost and freight) Asia on Monday.
The settlement was likely to take place on 29 January, the source added.
Despite the hike in nominations by Nippon Oil, benzene prices in the spot market remained at about $985-1,000/tonne FOB (free on board) Korea on Wednesday, according to global chemical market intelligence service ICIS pricing.
Nippon Oil nominates the contract price during the last week of every month and settles the price with customers on the last working day of the month.
Some of the other key benzene producers in the country are Japan Energy and Taiyo Oil.
($1 = €0.71)
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