19 January 2011 04:29 [Source: ICIS news]
(adds details throughout)
By Mahua Chakravarty
Spot prices in Asia were up $25/tonne from Tuesday’s close at $1,120-1,130/tonne (€840-848/tonne) FOB (free on board)
On Tuesday, US benzene prices were at $4.19-4.21/gal or $1,252-1,258/tonne FOB Barges, while European benzene was quoted at $1,230-1,240/tonne CIF (cost, insurance and freight) ARA (
Strong crude values were also lending support to the benzene market. Light sweet crude for February delivery was trading at above $91/bbl on Wednesday morning in
Benzene trading was frenzied this morning, with seven March-loading shipments heard fixed at $1,120-1,130/tonne FOB Korea, while two April-loading lots were snapped up at $1,130/tonne FOB Korea.
Asian exporters may load more benzene this month as the window for arbitrage trade to the US is currently wide open, said a Korean trader.
Asia is a net exporter of benzene to the
But benzene availability for the month of February is currently tight and was exerting further upward pressure on prices, said a regional trader.
Bids for a 6,000-tonne cargo for loading in the first half of February were heard at $1,130/tonne FOB
($1 = €0.75)Read John Richardson and Malini Hariharan’s blog – Asian Chemical Connections
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Asian Chemical Connections