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Suppliers seek to boost benzene prices [ 24 Feb, 2010]
Domestic benzene suppliers are seeking an average $3.65/gallon for delivery next week, up slightly from the $3.54 monthly average price for February, as the producers seek to leverage production problems in Europe that have tightened global supply.
ICISnews.com says U.S. buyers "are wary of spiking spot prices, but question the uptrend's staying power." Supply in the U.S., Gulf is said to be more than sufficient so the proposed jump in prices-by as much as 20ยข from some traders-"is crazy," says one buyer.
Asian markets are soft because of the Lunar New Year holiday shutdowns this month and the fact that March contract prices have yet to be set in the U.S.
Market reports say U.S. benzene had been on a downward course with spot bids of less than $3.40 last week. So, "the Chinese could come back from the Lunar New Year holiday and knock the bottom out of this (proposed) high benzene market with a bunch of new material," one consumer tells ICISnews.
Source: Purchasing.com
Japan Nippon Oil Nominates Feb Asia contract for Benzene [ 28 Jan, 2010]
Japan's Nippon Oil has nominated its February Asia Contract Price for benzene at $1,090/mt CFR, up $90/mt, or 9%, from its January settlement of $1,000/mt.
On spot market, Asian benzene price fell $15/mt to $991.50/mt FOB Korea Wednesday on volatile crude and concerns over China's economic growth. Meanwhile, NWE benzene price slumped $44.50/mt to $1090/mt FOB Rdam.
Source: CCF Group
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