Asia benzene falls $25/tonne to fresh four-month low

15 May 2012 04:29  [Source: ICIS news]

SINGAPORE (ICIS)--Asian benzene prices remained on a downtrend, falling $25/tonne (€19.5/tonne) on Tuesday, in line with overnight falls in US benzene values, traders said.

Spot prices were at $1,095-1,125/tonne FOB (free on board) Korea, according to ICIS.

Offers for first-half June loading cargoes were heard at $1,140-1,150/tonne, while those for second-half June loading cargoes were at $1,105-1,115/tonne FOB Korea. No buying interest surfaced.

“It [benzene prices] will continue to fall, and I don’t see any reason for it to be high,” said a Singapore-based trader.

US benzene prices fell by 11-15 cents/gal to $3.88-3.97/gal or $1,160-1,187/tonne FOB Barges on Monday, traders said.

Falling crude prices are also exerting a strong downward pressure on Asian benzene prices.

At 04:22 GMT, US crude futures were down 45 cents at $94.33/bbl, while Brent crude was down 41 cents at $111.16/bbl.

($1 = €0.78)

By: Mahua Chakravarty
+65 6780 4359

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