JX Nippon Oil nominates September benzene ACP $20/tonne lower
25 August 2011 12:07 [Source: ICIS news]
SINGAPORE (ICIS)--Japanese producer JX Nippon Oil & Energy has nominated a $20/tonne (€14/tonne) decrease in its benzene Asia contract price (ACP) for September, in line with recent weakness in the spot market, a company source said on Thursday.
The company has nominated its September ACP at $1,170/tonne CFR (cost and freight) Asia, a slight decrease from the August ACP settlement of $1,190/tonne CFR Asia, the source added.
August's settlement was $130/tonne higher than its July prices, in line with a spike in spot benzene values in the region at the time.
Benzene spot prices were at $1,120–1,135/tonne FOB (free on board) Korea on Thursday, up $5/tonne from the previous day’s close, according to ICIS.
($1 = €0.69)
For more on benzene visit ICIS chemical intelligence
By: Mahua Chakravarty
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