Japan's Nippon Oil hikes May benzene ACP nomination by $50/tonne

26 April 2010 11:44  [Source: ICIS news]

SINGAPORE (ICIS news)--Japanese producer Nippon Oil has nominated a higher Asian Contract Price (ACP) for May benzene cargoes at $1,030/tonne (€772.5/tonne) compared to April’s settlement price, in line with recent spikes in spot values, said a company source on Monday.

The ACP, on a CFR (cost and freight) Asia basis, was $50/tonne higher than the April ACP at $980/tonne, the source said.

Spot benzene values in Asia had risen in recent weeks, supported by price increases in the US and European markets, and were hovering at $995-1,010/tonne FOB Korea on Monday, according to global chemical market intelligence service ICIS pricing.

Nippon Oil is expected to settle the contract price on April 30, following discussions with its customers, he added.

($1 = €0.75)

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By: Mahua Chakravarty
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