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Textiles

Benzene markets look up

11 Apr '06
1 min read
Asian markets for benzene remained stable this Monday.

An overnight rally in upstream crude values brought on fresh enquiries as the day dawned resulting into increased buying interest.

Speculation is pushing up buying interest, sources say.

Sellers were chasing higher prices, they added.

FOB Korea offers were quoted at $760 per metric ton levels.

Strengthening of benzene rates in west including, the US and European markets pushed up bids further.

The Asian downstream SM market spot prices which went down marginally lower on Monday have improved again.

This has been due to a surge in energy value which resulted into keeping benzene in the positive range.

Traders are holding back as they are uncertain of the surge in buying interest continuing, he said.

It will largely depend on the reaction of energy markets and continuation of demand from downstream phenol and SM markets.

Ideal buying bid for April cargoes would be $745 per metric ton FOB Korea mark, but presently there are no sellers at this price level.

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