Japan’s JX Nippon Oil slashes April benzene ACP by 8%

01 April 2013 05:08  [Source: ICIS news]

SINGAPORE (ICIS)--Japan's JX Nippon Oil and Energy concluded its benzene Asian Contract Price (ACP) for April at $1,302/tonne (€1,016/tonne) late on 29 March, 8% down from March, a company source said.

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

The April ACP was settled $113/tonne lower than March, on the back of the downtrend of spot prices in the month of March, the source said.

Spot prices fell by $112/tonne, or 8.1%, over the month of March, according to ICIS data.

Subdued demand from China because of high stock levels and from the US because of the absence of arbitrage opportunities was the main bearish factor, market players said.

($1 = €0.78)

By: Ong Sheau Ling
+65 6780 4359

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