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