Benzene prices noticed stable to higher in the last couple of days which makes the market more stable and other chemicals prices also expected stable to the uptrend in coming days.
Benzene prices assessed around $710/mt CFR India.
Downstream aromatics prices noticed stable in Indian market on a day to day trading.
Toluene prices noticed at Rs 58000/mt at Ex-Kandla, Mix xylene noticed around 62000/mt Ex-Mumbai and styrene prices traded at Rs 87000/mt on Tuesday.
Asian benzene was assessed stable to higher from Monday despite the fall in upstream crude oil. The FOB Korea marker was assessed at $680/mt Tuesday, up$1.67/mt from Monday, while the CFR China marker was assessed flat at$713.50/mt Tuesday.
In the FOB Korea market, strong buying interests were heard for January cargoes while there were more offers heard for H2 December cargoes, however, no deals were heard concluded.
At 4:30 pm Singapore time(0830 GMT), ICE January Brent crude futures were down 48 cents/b (0.709%) from Monday’s settle at $67.21/b, while the NYMEX December light sweet crude contract fell 19 cents/b (0.331%) to $57.14/b.
In the East China domestic market, the benzene prices marker was assessed at Yuan 5,863/mt, up Yuan 10/mt from Monday. According to market sources, benzene inventories in China were recorded at 149,000 mt Tuesday, 13,000 mt higher on the week. As compared to the same period last year, inventories increased 3,000 mt.
The SM-benzene spread is flat from Monday at the 17-month low of $344/mt Tuesday, S&P Global CSG data showed. Elsewhere, in the US market, US November DDP spot benzene price was assessed up 4 cents on the day at 213.50 cents/gal DDP, down 34cents on the day, amid increased December activity.
RATIONALE: FOB Korea benzene was assessed up to $1.67/mt from Monday at $680/mt Tuesday. The marker currently takes the average of the third, fourth and fifth half-month laycans, H2 December, H1 January and H2 January.
During the CSG Market on Close assessment process on Tuesday, there were no transparent bids and offers seen.
The H2 December laycan was assessed at $670/mt FOB Korea, below the best offer heard at $671/mt with no bids heard. H1 and H2 January laycans were assessed at $685/mt, above the best bid heard at $684/mt with no offers heard.
The CFR China marker was assessed flat from Monday at $713.50/mt Tuesday, above the buying indication heard at $690/mt. The East China marker was assessed at Yuan 5,863/mt, with its import parity equivalent assessed at $715.65/mt.