02 April 2012 22:18 [Source: ICIS news]
SAN ANTONIO, Texas (ICIS)--US benzene spot prices will likely fall through July because of weaker demand for styrene, market participants said on Monday.
The participants made their comments on the sidelines of the International Petrochemical Conference (IPC).
The comments came after the April benzene contract fell by 11 cents/gal to reach $4.12/gal ($1,233/tonne, €925/tonne) FOB (free on board).
Trade sources said the benzene spot market would likely fall below the $4.00/gal mark and that current crude prices above $100/bbl was the only thing keeping it from falling lower.
Current benzene spot prices are at $4.06-4.13/gal FOB, down from $4.14-4.18/gal FOB.
Hosted by the American Fuel & Petrochemical Manufacturers (AFPM), the IPC continues through Tuesday.
($1 = €0.75)
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