Japan's Nippon Oil settles May benzene ACP $15/tonne higher

03 May 2010 09:16  [Source: ICIS news]

SINGAPORE (ICIS news)---Japanese producer Nippon Oil settled its Asian Contract Price (ACP) for May benzene at $15/tonne (€11/tonne) higher than April's numbers, on the back of a stable-to-firm spot market and expectations of tighter supply in May and June, said a company source on Monday.

The actual settlement made late last Friday at $995/tonne CFR (cost and freight) Asia, came in $35/tonne lower than Nippon Oil's nomination of $1,030/tonne CFR Asia, he added.

A number of refinery turmarounds in Japan would tighten benzene supply in Asia over the next two months, the source said.

Demand for benzene was also expected to improve this quarter from the downstream styrene monomer (SM) segment in Japan, where some SM plants would come back on stream after turnarounds, he added.

Spot benzene values in Asia were hovering at $990-1,005/tonne FOB (free on board) Korea on Monday, according to global chemical market intelligence service ICIS pricing.

($1 = €0.75)

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By: Mahua Chakravarty
+65 6780 4359

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