Asia benzene falls $70-75/tonne to six-month low as crude tumbles

04 June 2012 04:59  [Source: ICIS news]

SINGAPORE (ICIS)--Benzene prices in Asia plunged $70-75/tonne (57-61/tonne) on Monday morning, falling below $1,000/tonne to a six-month low, tracking sharp falls in crude futures, traders said.

Prices were assessed at $980-990/tonne FOB (free on board) Korea – the lowest level seen since 2 December 2011, according to ICIS.

At 11:56 Singapore time (05:56 GMT), US crude futures for July delivery were down $1.20/bbl at $82.02/bbl, while Brent crude was down $1.11/bbl at $97.32/bbl.

Bids for July-loading benzene were heard at $960-970/tonne FOB Korea, while offers were limited, while bids for August loading cargoes were cited at $940-955/tonne FOB Korea.

The benzene market may not have seen the bottom yet, and any further downside depends on crude and naphtha futures, said a Singapore-based trader.

Benzene prices have shed $200-205/tonne, representing a 17% decline, from 1 May, according to ICIS.

($1 = €0.81)


By: Mahua Chakravarty
+65 6780 4359



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index