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



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