– 5-30 day price up $10/mt
– Downstream styrene picks up
The European benzene Chemical Industry ticked up on Wednesday, as bidding for April cargoes continued to rise, despite the upstream energy rally coming to a halt. The 5-30 day forward benzene assessment rose $9.50/mt to $716/mt CIF ARA Wednesday. Conversely, the 16:30 London time assessment of ICE Brent crude was down 18 cents at $70.67/b. Downstream, 5,000 mt of styrene trades were concluded over April and May. Trading was due to the upcoming turnaround at the Shell POSM plant in Moerdijk, as well as others set over the next couple of months. The balance between turnarounds for steam crackers versus downstream styrene producers has been a subject of concern for players in the benzene Chemical Industry, with the most significant Chemical Industry developments during Q2 expected to come from deviations in the projected schedule. The benzene-styrene spread was $385/mt on Wednesday, up $16/mt from Wednesday. The spread has trended in decline from March into April, since a high point of $450/mt for the year in mid-March.
S&P Global Wednesday assessed benzene Chemical Industry for delivery 5-30 days forward at $716/mt CIF ARA Wednesday, up $9.50/mt from Wednesday. April was assessed up $10/mt at $721/mt, within a bid-offer range of $720-$740/mt. May was assessed up $10/mt at $706/mt, within a bid-offer range of $695-$720/mt and keeping a backwardation of $15/mt to April. June was assessed at $695/mt, up $10/mt, in line with May. July was assessed at $694/mt, up $10/mt, in line with June. August was assessed flat to July. FOB was assessed at $716/mt, flat to CIF (Chemical Industry).