Japan’s JX Nippon Oil August benzene ACP offer rises $180/tonne

25 July 2012 05:38  [Source: ICIS news]

SINGAPORE (ICIS)--Japan’s JX Nippon Oil & Energy Corp has nominated its benzene Asian Contract Price (ACP) for August at $1,200/tonne (€996/tonne), higher by $180/tonne or 11.7% compared with the previous month’s settlement, a company source said late on Tuesday.

The higher nomination, which is on a cost and freight (CFR) Asia basis, was in line with a recent spike in spot prices in the Asian and US benzene markets, the source said.

Asian prices are expected to remain firm in August as supply is tight in Japan, while the US benzene market may also remain strong next month, he said.

On Wednesday morning, spot benzene prices in Asia were at $1,120-1,140/tonne FOB (free on board) Korea, according to ICIS.

($1 = €0.83)

By: Mahua Chakravarty
+65 6780 4359

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