18 January 2012 05:27 [Source: ICIS news]
By Mahua Chakravarty
SINGAPORE (ICIS)--Asia’s benzene prices hit a five-month high on Wednesday, tracking gains in US prices as crude values spiked overnight, market players said.
Spot prices rose $30/tonne (€24/tonne) at $1,195-1,205/tonne (€944-952/tonne) FOB (free on board) Korea early on Wednesday, the first time that $1,200/tonne level was breached since early August, according to ICIS data.
A March-loading cargo was concluded at $1,200/tonne FOB
Offers for March-loading shipments were heard at $1,205-1,210/tonne FOB
Boosting the market sentiment in
But this price upturn in the
“It’s a purely trader-driven game. With contract price (CP) [settlement] time approaching, they are busy [push]ing up the prices because many have CP-related sales,” said a Singapore-based trader.
Notwithstanding the rising benzene prices in the
The spread between US and Asian benzene values currently stands at $40-41/tonne, still lower than the cost of shipping 6,000-9,000 tonnes of benzene from
Benzene supply in Asia is tight in the first quarter due to a slew of plant turnarounds and unplanned shutdowns in
This was another key factor pushing up prices in recent weeks, they added.
($1 = €0.79)
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