01 June 2010 11:47 [Source: ICIS news]
SINGAPORE (ICIS news)--Asia’s benzene values plunged by $45-50/tonne on Tuesday afternoon tracking a decline in crude futures to about $72/bbl, said traders.
Benzene prices were hovering at $800-815/tonne FOB (free on board) Korea towards the close of Asian trades, $45-50/tonne lower than Monday’s closing, according to global chemical market intelligence service ICIS pricing.
Sellers of July loading cargoes were struggling to hold on to offers that dropped quickly in the afternoon to $810/tonne FOB Korea from $850-860/tonne FOB Korea seen around mid-day.
Buying sentiment weakened significantly on Tuesday as crude futures plummeted to about $72/bbl, said traders.
Bids for July loading breached the $800/tonne FOB ?xml:namespace>
A deal was heard for July loading at $815/tonne FOB
Oversupply of benzene in the region was another factor that was pulling the market lower, said a Singapore-based trader, with high production rates from regional crackers and reformers resulting in ample supply.
The pressure of falling crude and benzene prices in the region also pushed Asian toluene values lower. Prices were at $715-730/tonne FOB
For more on benzene visit ICIS chemical intelligence?xml:namespace>
Read John Richardson and Malini Hariharan’s Asian Chemical Connections blog
To discuss issues facing the chemical industry go toICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections