JX Nippon Oil hikes Aug benzene ACP nomination by $170/tonne

25 July 2011 11:03  [Source: ICIS news]

SINGAPORE (ICIS)--Japanese producer JX Nippon Oil & Energy has nominated a $170/tonne increase in its benzene Asia contract price (ACP) for August, taking into account recent spikes in spot values, a company source said on Monday.

The August ACP at $1,230/tonne (€861/tonne) CFR (cost and freight) Asia was 16% higher than  July’s settlement price, the source added.

Strong crude futures and improvement in regional demand-supply balance in the benzene market have been pushing prices of the aromatics product higher over the past two weeks.

Spot benzene prices in Asia were at $1,175-1,185/tonne FOB (free on board) Korea on Monday, up $60/tonne from 8 July, according to ICIS.

US crude futures, meanwhile, were hovering at above $99/bbl on Monday.

The demand-supply balance for benzene in this region also improved, which was also supporting the price and market overall, the source added.

($1 = €0.70)

By: Mahua Chakravarty
+65 6780 4359

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