Japan’s JX Nippon Oil rolls over Feb benzene ACP to March

28 February 2013 08:33  [Source: ICIS news]

SINGAPORE (ICIS)--Japan's JX Nippon Oil and Energy settled its benzene Asian Contract Price (ACP) for March at $1,415/tonne (€1,076/tonne) on Thursday, unchanged from February, a company source said.

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

Almost unchanged market fundamentals resulted in the roll-over of the ACP, market players said.

Spot prices in February fluctuated widely in the range of $1,390-1,437/tonne FOB (free-on-board) Korea, with the February’s daily average at $1,408.53/tonne FOB Korea, as compared to January’s daily average at $1,416.82/tonne FOB Korea, according to ICIS.

Despite lower spot prices in February as compared with January, expectations that demand will improve in March onwards – post-downstream styrene monomer (SM) plants’ turnarounds - has supported the ACP, industry players said.

($1 = €0.76)

Author: Ong Sheau Ling

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