07 January 2013 12:44 [Source: ICIS news]
LONDON (ICIS)--European spot benzene bids and offers are at their lowest since early December and demand has failed to come back as strong as some sources had expected, traders said on Monday.
“Demand has not come back as strong as some had expected and I think people are still quiet nervous,” one trader source said.
In relation to spot prices, another trader said: “Asia is down, the US is down and the market is still quiet.”
January spot benzene was valued at $1,450-1,465/tonne (€1,102-1,113/tonne) CIF (cost insurance freight) ARA (Amsterdam, Rotterdam, Antwerp). This is the lowest spot range seen in the market since early December 2012.
In morning trading, a January deal was done at $1,470/tonne and February traded at $1,455/tonne.
Another normally active spot trader said the market felt “very quiet”.
“It’s [the benzene spot market] lower than Friday. Asia and the US are both down.”
The benzene spot market was actively traded last week, compared to major benzene derivative styrene. Benzene traded in a $1,475-1,525/tonne CIF ARA price range.
The deals followed the January benzene contract price settlement which was agreed at $1,529/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the agreed exchange rate of €1:$1.3266.
($1 = €0.76)
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