Asia benzene, toluene increase $25-35/tonne on rising crude

03 August 2010 12:31  [Source: ICIS news]

SINGAPORE (ICIS)--Prices of benzene and toluene in Asia rebounded on Tuesday by $25-35/tonne (€19-27/tonne), driven mainly by a hike in crude futures during overnight trading, according to traders.

ICIS assessed benzene prices in Asia at $880-895/tonne FOB (free on board) Korea, which were $30-35/tonne higher than the previous close.

Sentiment was firm, with a deal for first-half August loading heard at $880/tonne FOB Korea. Offers for September-loading lots shot up to $895-900/tonne FOB Korea, but buying interest remained thin and there were limited bids.

An overnight surge in crude futures to above $81/bbl and increases in US and European benzene values were the key supporting factors for Tuesday’s upturn in Asian benzene prices, traders said.

Toluene prices in Asia firmed to $790-800/tonne FOB Korea, $25-30/tonne higher than the previous close. Buy-sell indications for September-loading cargoes were heard at $790-805/tonne FOB Korea.

The hike in crude and benzene prices in Asia was bolstering sentiment among toluene players on Tuesday, although the region remained oversupplied, said market participants.

($1 = €0.76)

For more information on benzene and toluene, visit ICIS chemical intelligence
Read John Richardson and Malini Hariharan’s Asian Chemical Connections blog
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By: Mahua Chakravarty
+65 6780 4359

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