25 November 2013 14:10 [Source: ICIS news]
LONDON (ICIS)--Benzene imports into the EU saw a 25% drop year on year in September 2013 while exports more than doubled during this same period, data from European statistics agency Eurostat showed on Monday.
European benzene prices fell to fresh yearly lows during September amid weak derivative offtake and global price losses, which made exporting material to the US viable as the arbitrage window opened over the course of the month.
September pricing weakness saw a sizeable year on year drop in the arrival of cargo into the EU due to poor economics, a reversal of the trend seen so far in 2013.
The European market fundamentally remains an import market, with the first half of 2013 seeing a 27% increase in imported material from the same period last year.
Benzene trade data from Eurostat (units: tonnes)
Period?xml:namespace> Import Export Sept 2012 59,382 6,205 Sept 2013 44,450 17,032 Volume difference -14,932 +10,827 % change year on year -25% +175%
% change year on year
Eurostat import/export data is subject to revision as more detailed information becomes available.
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