Japan's JX Nippon Oil Aug benzene ACP settlement rises $115/tonne

31 July 2012 11:45  [Source: ICIS news]

SINGAPORE (ICIS)--Japan’s JX Nippon Oil and Energy has settled its benzene Asian Contract Price (ACP) for August at $1,135/tonne (€931/tonne) on Tuesday, representing a $115/tonne increase from the previous month’s settlement price, a company source said.

The ACP is on a cost and freight (CFR) Asia basis.

The higher ACP for August is in line with recent spikes in benzene spot prices, the JX Nippon Oil source said.

Expectations of tightening prompt supply in Japan following the shutdown of the company's Mizushima refinery B are also supporting higher benzene prices in the market, the source said.

Benzene prices were assessed at $1,135-1,160/tonne FOB (free on board) Korea on 27 July, up by an average of 8.6% over a four-week period, according to ICIS.

($1 = €0.82)

By: Jasmine Khoo
+65 6780 4359

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