27 September 2013 10:52 [Source: ICIS news]
LONDON (ICIS)--European spot benzene prices are at a seven-week low – at $1245-1255/tonne CIF ARA – largely as a result of falling crude, lower demand and a dip in US and Asian spot values, sources said on Friday.
“Europe moves down, so Asia and the US follows – it goes in a circle,” said one trader source.
Another aromatics trader said it had also seen spot benzene prices coming down this week.
“Buying is really hand-to-mouth and there is enough of it [benzene] around. [Name traders] all have storage and the Dow cracker is out so you would think there would be some length in the market,” the trader said.
Not a great deal of spot activity took place this week, with the only public trades done at $1,250-1,255/tonne CIF ARA for October.
The translates into a euro price of €925-929/tonne CIF ARA, which is €48-52/tonne below the September benzene contract price.
($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