17 January 2014 06:03 [Source: ICIS news]
SINGAPORE (ICIS)--More Asian benzene parcels are expected to move to the US for February loading, given a wide open arbitrage window between the two markets, players said on Friday.
On 16 January, free-on-board (FOB) prices in the US are currently near $200/tonne higher than the FOB Korea prices, according to ICIS.
Close to 100,000 tonnes of February benzene from Asia will be headed to the US, near double the January volume, market players said.
South Korea is likely to move at least 60,000 tonnes of benzene for February lifting to the US, they said, adding that traders are still seeking vessels that can ship out up to 80,000 tonnes of the aromatics product.
“I will have fixed 9,000 tonnes already,” a major South Korean producer said.
A second South Korean maker said it will move at least 6,000 tonnes.
From Japan, about 30,000 tonnes of February lots will be shipped to the US, traders said.
“This volume is slightly higher than January levels of 20,000-30,000 tonnes,” a Japanese trader said.
In January, about 40,000 tonnes of South Korean cargoes were fixed for January loading to the US, higher than the previous week’s estimate of 30,000 tonnes, players said.
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