Japan's JX Nippon Oil Sept benzene ACP settled at $45/tonne higher

03 September 2012 07:17  [Source: ICIS news]

SINGAPORE (ICIS)--Japan’s JX Nippon Oil and Energy has settled its benzene Asian Contract Price (ACP) for September at $1,180/tonne on Friday, representing a $45/tonne increase from the August settlement price, said a company source.

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

The consecutive hike in the ACP from the previous month was brought about by expectations of further tightening supply of benzene in the northeast Asian region because of the shutdown of JX Nippon Oil and Energy’s Mizushima B refinery since mid-July and the scheduled turnaround at South Korea’s SK Energy’s benzene unit in October.

The August ACP settlement had been higher than the July ACP by $115/tonne.

Most market participants expect benzene prices to be stable-to-firm for the near future until the tight prompt supply situation is eased when plants resume operations again, said industry sources.

By: Jasmine Khoo
+65 6780 4359

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