JX Nippon settles March benzene ACP lower for the second month

03 March 2014 08:27  [Source: ICIS news]

SINGAPORE (ICIS)--Japan's JX Nippon Oil & Energy Corp settled late on Friday its March benzene Asia Contract Price (ACP) at $60/tonne lower, tracking the spot market losses, a company source said.

The March ACP settlement was at $1,290/tonne CFR (cost & freight) Asia, the source said, which meant that JX has settled its ACP lower for two straight months, with a cumulative drop of $63/tonne.

On 24 February, JX nominated its March ACP at $1,350/tonne CFR China.

The average spot price in the month of February was at $1,303/tonne FOB (free on board) Korea, according to ICIS data.

The average spot prices in the last five and three trading days of February were at $1,276/tonne FOB Korea and $1,270/tonne FOB Korea, respectively, ICIS data showed.

“We can see clearly prices were on a downtrend [over] the month of February. ACP has to close lower,” one of the ACP buyers said.

Soft US prices and the absence of Chinese import activity amid falling Asia styrene monomer (SM) values were the main bearish factors, weighing on Asia benzene pricing, market players said.

Typically, discussions on a CFR Asia basis are priced at a premium of $20-30/tonne to FOB Korea quotes, the players added.

Author: Sheau Ling Ong

AddThis Social Bookmark Button

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.

Printer Friendly

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