Robust demand helps Asian benzene regain ground Sept. 8 as prices for October shipments increase by US$11/tonne from Sept. 7 assessment to US$1,141/tonne
September 8, 2011
By midday Sept. 8, robust demand for Asian benzene drove prices for October shipments higher by $11 per tonne from the Sept. 7 close-of-market price to US$1,141/tonne free on board Korea, Platts reported Sept. 8.
Despite higher prices for crude and naphtha, Asian benzene dropped $3/tonne to $1,130/tonne FOB Korea on Sept. 7.
Early on Sept. 8, there were only bids for October shipments, and those came in at $1,130/tonne FOB Korea, and rose to $1,137/tonne FOB Korea. Bids for November shipments rolled in later in the day, and were overheard at $1, 120-$1,125/tonne FOB Korea. Offers for November shipments started at $1,127/tonne and increased to $1,135/tonne.
Early Sept. 8, Platts reported the October/November benzene time spread to be at plus $10/tonne FOB Korea.
Shipments for October were in tight supply, one trader told Platts, which does not bode well for the upcoming month, he added.
The primary source of this article is Platts, New York, New York, Sept. 8, 2011.