Asia SM jumps around $50/tonne on strong crude, benzene
22 February 2011 03:18 [Source: ICIS news]
SINGAPORE (ICIS)--Asian styrene monomer (SM) prices jumped around $50/tonne (€37/tonne) on Tuesday morning, tracking sharp gains in crude and benzene values.
A deal was done for an April parcel at $1,515/tonne FOB (free on board) Korea, higher than the $1,465/tonne FOB Korea discussion levels on Monday, market sources said.
At 03:02 GMT, light sweet crude for April delivery was trading at around $96.62/bbl, up $6.91/bbl from the previous day’s close. The strong crude pushed up benzene prices by $45/tonne on Tuesday towards $1,250/tonne FOB
“There could be further upside to the SM uptrend depending on the energy sector,” said a Korean trader.
In the Chinese domestic market, SM offers rose to yuan (CNY) 10,900/tonne ($1,657/tonne) ex-tank, up from CNY10,750/tonne ex-tank the previous day.
($1 = €0.74 / $1 = CNY6.58)
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By: Clive Ong
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