JX Nippon Oil settles Feb benzene ACP $135/tonne higher

31 January 2012 10:36  [Source: ICIS news]

SINGAPORE (ICIS)--JX Nippon Oil & Energy has settled its Asian Contract Price (ACP) of benzene for February at $135/tonne (€103/tonne) higher than the previous month’s settlement, a source at the aromatics producer said on Tuesday.

The producer reached the settlement with its customers on Tuesday afternoon at $1,195/tonne CFR (cost & freight) Asia, the source said.

The $135/tonne hike in the February settlement was in line with the increases in spot market prices in recent weeks, he said.

The settlement price was about $55/tonne lower than the February nomination announced last week, as downstream buyers were unable to accept such a steep increase due to difficult conditions in the derivative markets, the source added.

Spot benzene prices in Asia were at $1,170-1,180/tonne FOB (free on board) Korea on Tuesday, according to ICIS pricing.

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By: Mahua Chakravarty
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