JX Nippon Oil settles Jan benzene ACP $95/tonne higher

29 December 2011 05:09  [Source: ICIS news]

SINGAPORE (ICIS)--Japanese producer, JX Nippon Oil & Energy settled the benzene Asian Contract Price (ACP) for January $95/tonne (€73/tonne) higher than the previous month’s price, a company source said late on Wednesday.

The company reached the settlement at $1,060/tonne CFR (cost and freight) Asia with the ACP negotiators late on Wednesday, the source added.

The $95/tonne price jump was in line with the recent increases in the global benzene market.

Spot benzene prices in Asia have risen in the past few weeks, in line with hikes in crude futures and with US benzene prices.

Prices were hovering at $1,050-1,060/tonne FOB (free on board) Korea on Thursday morning, according to ICIS.

($1 = €0.77)

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By: Mahua Chakravarty
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