10 July 2012 12:25 [Source: ICIS news]
SINGAPORE (ICIS)--Asia’s benzene prices shot up by $45/tonne on Tuesday on the back of price hikes in the US benzene market late on Monday, said market participants.
Spot prices were at $1,160–1,170/tonne FOB (free on board) Korea at the close of Tuesday’s trading session, $45/tonne higher than on Monday, according to ICIS pricing.
Bids for August loading leapt to $1,170/tonne FOB Korea on Tuesday morning, but retreated to $1,160/tonne FOB Korea in the afternoon following the plunge in Brent crude futures in Asian trading.
One deal for August lifting was heard at $1,170/tonne FOB Korea, although this could not be confirmed.
Sentiment for prompt month prices was supported in Asia as US prompt prices also surged on Monday following the news of some delay in shipments from Asia to the US, said a regional broker.
A total of about 70,000 tonnes of prompt material was due to reach the US, but of this about 60,000 tonnes may have been delayed, said a Singapore-based trader. However, no further confirmation was available.
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