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)
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