Gustav hurricane has taken its toll on the petrochemical market. Prices in the Asian benzene market dropped by US $10 per ton on Wednesday.
The market started with the offer level of $1120-1150 per ton for October contract. A deal of October was struck at $1120 per ton. By the end of the day Benzene prices stood with in the range of $1110-1120 per ton.
In the eastern Chinese region, market remained quite and stood at RMB 8,900-9,000 per ton. Buyers showed very little interest in purchasing; Other than few trade talks market showed a dull attitude.
Benzene market session in Europe was busy compared to other regions. Market started off with offers standing at $1170 per ton CIF ARA for September and at around $1165/mt CIF ARA for October against offers at $1190-1195/mt CIF ARA for both September and October.
With the fluctuating energy prices at $107-109 per barrel, prices quoted from the buyer side for September deals stood at $1170-1175 per ton CIF ARA. However sellers were not quite impressed with the offer price. Market closed at around $1175-1190 per ton CIF ARA for September.
The US market acquired a volatile sentiment in the morning with offer prices stood at $4.17- $4.30 per gallon FOB for September and at with in the range of $4.00-4.10/gal for October.
Spot deals were reported done at $4.09 per gallon to be shipped during the first half of October. A deal was completed at $4.18 per gallon for September. Following the transaction, offer price stood at around $4.18-4.22 per gallon, $4.20-4.25 per gallon FOB for September and at $4.00-4.05 per gallon for October to complete the session.
For World market prices click here
Fibre2fashion News Desk - India
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