Japan’s JX Nippon Oil settles February benzene ACP $55/tonne lower

31 January 2013 10:42  [Source: ICIS news]

SINGAPORE (ICIS)--Japan's JX Nippon Oil and Energy settled its benzene Asian Contract Price (ACP) for February at $1,415/tonne (€1,047/tonne) on Thursday, down by $55/tonne from January, a company source said.

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

JX Nippon Oil had nominated a February ACP of $1,470/tonne, which was the settlement price for January contracts.

The decline in February ACP settlement was the first in six months, during which time benzene contract prices increased by $450/tonne or 44%

The lower settlement price was in line with softer spot market prices on account of sluggish demand from downstream styrene monomer (SM) market and weakness in Europe and US markets.

In January, spot prices on a FOB (free on board) Korea fell by $94.50/tonne or 6.4% to close at $1,390-1,395/tonne on Thursday, according to ICIS.

($1 = €0.74)

Author: Ong Sheau Ling

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