Nippon Oil nominates Jan ’11 benzene ACP at $100/tonne higher

23 December 2010 07:09  [Source: ICIS news]

SINGAPORE (ICIS)--Japanese petrochemical major JX Nippon Oil & Energy has nominated its January 2011 benzene Asian Contract Price (ACP) at $1,030/tonne (€783/tonne) CFR (cost & freight) Asia, a company source said on Thursday.

The nomination, which was made on Wednesday, was $100/tonne higher than its December settlement price.

The sharp increase was due to the recent uptrend in Asia’s spot benzene values, the source said.

Spot benzene prices in Asia were hovering at $1,040–1,050/tonne FOB (free on board) Korea on Thursday, $60/tonne higher than levels seen a week earlier, according to ICIS data.

JX Nippon Oil expects to settle the benzene ACP for January on December 28.

JX Nippon Oil nominates and settles the ACP with its customers in the last week of every preceding month. The company is one of the largest producers of benzene in Asia.

($1 = €0.76)

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By: Mahua Chakravarty
+65 6780 4359

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