31 January 2013 15:55 [Source: ICIS news]
HOUSTON (ICIS)--US aromatics trade participants said on Thursday that they expect a decline of about 36-41 cents/gal for the February benzene contract, as spot prices have come down from January's record-high contract prices.
The February benzene contract is expected to settle later today.
The US benzene market kicked off 2013 with a record contract settlement of $5.16/gal ($l,544/tonne, €1,143/tonne), which came on the back of tight supplies and higher spot prices.
However, spot prices in January have come down following a similar drop in overseas benzene markets. Trade sources have mostly attributed the decline to weaker Asian benzene markets, as supply conditions in that region have improved.
Current benzene spot prices are at $4.71-4.82/gal FOB (free on board), well below the January benzene contract prices.
Spot price direction in the last week of the month is a typical indicator of where benzene contracts will settle.
($1 = €0.74)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections