Asia benzene prices hit all-time high on tight spot supply

28 December 2012 08:42  [Source: ICIS news]

SINGAPORE (ICIS)--Asia benzene prices hit an all-time high at $1,480-1,495/tonne (€1,110-1,121/tonne) on Friday afternoon amid a tight spot market, market players said.

Bids were quoted firmer at $1,460-1,470/tonne FOB (free on board) Korea, $1,480-1,484/tonne FOB Korea and $1,460-1,465/tonne FOB Korea respectively by some regional traders in an attempt to seek second half of January, February and March shipments amid the tight spot market, they added.

“Some traders are out in the market covering their short positions. With crude now firming as well, benzene prices are just going higher,” a Singapore-based trader said.

Within the trading day of 28 December prices jumped by $35/tonne or 2.4% from 24 December’s close, according to ICIS.

“The [benzene] prices now are just hysterical,” another Singapore-based trader said.

Spot FOB Korea prices first hit its all-time high on 7 December at $1,480/tonne, according to ICIS.

($1 = €0.75)

Author: Ong Sheau Ling

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