04 March 2010 10:02 [Source: ICIS news]
SINGAPORE (ICIS news)--Benzene prices in Asia shed $45/tonne (€61.6/tonne) in just two days this week due to oversupply, tracking declines in the regional downstream styrene monomer (SM) market, traders said on Thursday.
On Thursday afternoon, prices for April-loading parcels touched a four-month low at $855-870/tonne FOB (free on board) ?xml:namespace>
Prices seemed poised to dip further as the lowest bid for April cargoes was at $845/tonne FOB
The losses so far this week were just $10 short of the $55/tonne lost in the week ending 26 February given high production this quarter, based on ICIS pricing data.
Majority of regional crackers were running at almost full load, while a number of toluene disproportionation (TDP) and hydro-dealkylation (HDA) units had also ramped up operations around the beginning of this quarter, market sources said.
Price pressures were also coming from softness in the
SM supply growth in
Spot SM prices slipped below $1,250/tonne CFR (cost and freight) this week from $1,350/tonne CFR in the second half of January, according to ICIS pricing.
“SM prices in Asia are low, so it is not sure that SM from the
Asia exports a monthly volume of about 40,000-50,000 tonnes of benzene to the
($1 = €0.73)
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