Asia benzene prices which ended weak on Wednesday, continued further decline at the start of the day, today.
Slide in prices is attributed to losses in Western markets including, the US and Europe.
Sliding upstream energy values coupled with weakened global aromatics complex output, applied firm bearish grip on Asian benzene markets.
US Gulf benzene prices recorded a fall of about 3 cents per gallon, Wednesday with Northwest European benzene fell for the fifth time in a row, said a trader this morning. . This caused FOB Korea bids to drop below the $750 per metric ton levels.
Western markets and downstream Styrene Monomer steady price decline created favourable conditions for buyers to force sellers to go on their back foot.
Increasing benzene stocks of sellers will further shrink prices across Asia, he added.
First sign of market price stabilization is awaited by traders, not wanting to risk buying now.
In the event of this possibility during the first half of April, benzene consignments would be negotiated for western markets, if prices confirm to bid targets, said a trader.
marketing@alchempro.com
