Japan's JX Nippon Oil Nov benzene ACP settlement rises $45/tonne
31 October 2012 09:30 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>Japan’s JX Nippon Oil and Energy has settled its benzene Asian Contract Price (ACP) for November at $1,285/tonne (€989/tonne) on Wednesday, up by $45/tonne from its October settlement price, said a company source.
The ACP is on a cost & freight (CFR) Asia basis.
Benzene ACP has been on the rise since July on the back of tight supply throughout northeast Asia following the shutdown of JX Nippon Oil and Energy’s Mizushima B refinery in Japan in mid-July.
Supply further tightened in October because of the turnaround of SK Energy’s reformers in Ulsan, South Korea, that have an estimated benzene capacity of 470,000 tonnes/year. The reformers are expected to be down for 30-45 days.
Strong import demand from China is contributing to the upward pressure on benzene prices.
In September, China’s benzene imports stood at 40,000 tonnes - more than triple the volume in August at 12,000 tonnes. Data for October’s import levels were not immediately available.
($1 = €0.77)By: Jasmine Khoo+65 6780 4359
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