21 May 2010 05:37 [Source: ICIS news]
SINGAPORE (ICIS news)--Asia’s benzene values fell by $45-50/tonne (€36-40/tonne) on Friday to hit a seven-month low on the back of falling crude futures and an overnight drop in the US benzene market, traders said.
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Spot values were assessed at $790-805/tonne FOB (free on board) Korea, $45-50/tonne lower than Thursday’s close and a whopping $145-150/tonne lower than last Friday’s closing level, according to ICIS pricing.
The last time prices went below $800/tonne FOB
Offers for any July loading cargoes touched $805/tonne FOB
The steady fall in crude futures seen this week was the key driving factor for the dip in global benzene values, market participants said.
US benzene prices hit $2.85-2.95/gal FOB Barges late Thursday night, 5-10 cents lower than the previous close.
Asia is a major exporter of benzene to the
($1 = €0.80)
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