Asia benzene falls $50/tonne on weaker US crude

25 February 2011 02:55  [Source: ICIS news]

SINGAPORE (ICIS)--Asia’s benzene values declined $50/tonne (€36/tonne) on Friday morning, reversing most of its gains this week, as US crude futures slipped overnight, market sources said.

Spot benzene prices in Asia were hovering at $1,170-1,180/tonne FOB (free on board) Korea on Friday.

Offers for April loading at $1,185-1,190/tonne FOB Korea met bids of $1,150-1,165/tonne FOB Korea, market sources said.

The market was mainly being driven by upstream crude values, said traders. Some benzene producers said they have withdrawn from the market, unsure on where the prices were headed.

At 02:44 GMT on Friday, light sweet crude for April delivery was trading at $96.69/bbl, down 55 cents from the previous day's close.

Benzene prices shot up to $1,235-1,245/tonne FOB Korea earlier this week, setting a fresh 31-month high, due to spikes in crude and US benzene prices.

($1 = €0.72)

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By: Mahua Chakravarty
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