11 March 2011 08:02 [Source: ICIS news]
SINGAPORE (ICIS)--Asian benzene prices jumped by $20/tonne (€15/tonne) on Friday afternoon following news that an 8.9-magnitude earthquake struck Japan, said market sources.
Prices were hovering at $1,145-1,155/tonne FOB Korea in the afternoon, up $20/tonne from levels seen on Friday morning.
Offers for May loading have shot up by $15/tonne from levels seen in the morning to $1,160/tonne FOB Korea, while bids strengthened to $1,140/tonne FOB Korea.
A trader with Mitsui & Co in Tokyo confirmed that JX Nippon Oil & Energy Corp, Idemitsu Kosan and Cosmo Oil have all shut down their aromatics units in Chiba and Kashima.
He added that a refinery in Sendai has also been stopped. No further details were available.
Other companies which have aromatics units in Chiba and Kashima include Maruzen, Mitsubishi Chemical and Sumitomo Chemical (see capacities below).
The company officials were not available for comment as phone lines were down.
Japan and South Korea are the two biggest suppliers and exporters of benzene in northeast Asia.
($1 = €0.73)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections