Asia benzene reaches new 15-week high on higher-priced deals
04 September 2013 11:38 [Source: ICIS news]SINGAPORE (ICIS)--Spot benzene prices in Asia has hit a new 15-week high, fuelled by higher-priced transaction levels on Wednesday morning, according to market sources.
Two October cargoes were sealed at $1,297-1,300/tonne (€986-988/tonne) FOB (free on board) Korea and 15 November parcels were booked at $1,287-1,300/tonne FOB Korea during the day, they said.
Discussions were dominated by China-based traders and centered around trading on a FOB Korea basis in the morning session, in view of possible gains in the key Chinese domestic market, according to market sources.
“The Chinese domestic market will improve further,” a Shanghai-based trader said, adding that low inventories of benzene and better downstream demand has been supporting prices.
The recent hike in global crude futures and downstream styrene monomer (SM) prices has further boosted sentiment as well, traders said.
“[The] US market is also slowly inching up,” a South Korean trader added.
($1 = €0.76)Author: Ong Sheau Ling
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