Asia benzene rises $15-20/tonne on US market gains

11 July 2012 11:37  [Source: ICIS news]

SINGAPORE (ICIS)--Asia’s spot benzene prices extended their gains, adding $15-20/tonne (€12-16/tonne) at the close of trade on Wednesday, in line with spikes in the US benzene values overnight, market sources said.

Prices were assessed at $1,175-1,190/tonne FOB (free on board) Korea, according to ICIS.

On Tuesday night, US benzene prices firmed up to $5.00-5.25/gal or $1,495-1,570/tonne FOB Barges.

Offers for August loading in Asia were at $1,200/tonne FOB Korea on Wednesday, while bids were at $1,165-1,180/tonne FOB Korea.

A deal for August loading was heard at $1,175/tonne FOB Korea but this could not be confirmed.

Market sentiment was also bolstered in late afternoon trade as European benzene prices opened higher on the back of tight supply for July, market sources said.

European benzene prices were at $1,320-1,350/tonne CIF (cost, insurance and freight) ARA (Amsterdam, Rotterdam, Antwerp), up by $40-55/tonne from Tuesday’s close.

($1 = €0.82)

Additional reporting by Truong Mellor

By: Mahua Chakravarty
+65 6780 4359

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