– 5-30 day price up $2/mt on the day
– Quiet market at the beginning of the week
S&P Global Platts assessed European benzene for delivery 5-30 days forward at $664/mt Monday, $2/mt higher on the day. Market activity remained subdued Monday, with one source saying that he did not “see anything going on at all.” “No deals, all very slow,” the source added. Fundamentals on the benzene market remained unchanged, with a second source saying that the shutdown of Dow’s Boehlen plant continued to support benzene prices. Additionally, the second source said that the strikes taking place at Galp’s Sines and Porto plants until the end of the month may also affect the benzene market over the next weeks by tightening supply, although it is “too early” to see an impact on the market already. Upstream, crude oil prices rose to $67.33/b at 1630 GMT Monday from $66.80/b Friday. Downstream, in the European styrene market spot prices shifted higher Monday amid increasing buy interest for prompt and forwards cargoes. S&P Global Platts assessed styrene for loading 5-30 days forward at $1,117.50/mt FOB ARA Monday, up $17.50/mt on the day. Prices rose as market participants sought to secure volumes ahead of plant maintenances in the second quarter. Trading activity shifted to prompt cargoes as a deal was heard at $1,110/mt for March delivery.
S&P Global Platts assessed benzene for delivery 5-30 days forward at $667/mt CIF ARA Monday, up $2/mt from Friday’s assessment. March was assessed down $1/mt on the day at $669/mt, below an outstanding offer of $670/mt on Friday close and within the most competitive bid-offer range of $665-$685/mt Monday. April was assessed up $5/mt on the day at $666/mt, within the most competitive bid-offer range of $665-$670/mt. May was assessed at $664/mt, up $5/mt on the day, based on a stable backwardation of $2/mt between April and May and within the most competitive bid-offer range of $655-$675/mt. June was up $5/mt on the day at $659/mt, based on a stable May-June backwardation of $5/mt and within the most competitive bid-offer range of $645-$670/mt. July was assessed flat to June. FOB was assessed at $667/mt, flat to CIF.