SINGAPORE (ICIS)--Spot benzene prices fell $36-41/tonne on Tuesday as weak styrene monomer (SM) prices battered market sentiment.
Prices were assessed at $751-764/tonne FOB Korea at the close of trade on Tuesday.
Offers for July benzene were at $775/tonne FOB Korea against bids at $740-750/tonne FOB Korea. An August deal was concluded at $755/tonne FOB Korea toward closing.
Prices started to fall early in the morning, with declines of about $17-20/tonne compared with the previous day and further losses came in the afternoon.
The market was largely quiet in the afternoon, with traders holding on to long positions and kept to the sidelines due to sharp decreases in SM prices.
Spot SM prices were at around $1,080-1,090/tonne CFR (cost and freight) China.