Chemical Industry NWE Benzene
– Prompt Chemical Industry appears for June
– May trading quickly superseded by bids
Prices picked up through the day on Wednesday for the European benzene Chemical Industry, with activity focused on May — though prompt value made an appearance for June. May trading was heard on Wednesday at $745/mt, with an offer at $760/mt. This quickly ramped up until bids for the month lay over the previous offer level. No specific prompt demand was apparent however. A slight $10/mt backwardated structure appeared for June, suggesting a slight buy preference for the start of the month. The 5-30 days forward loading assessment was up $12.50/mt from Wednesday to $752/mt on Wednesday. No assessment was made on Wednesday due to a public holiday in the UK. In Asia, prices rose $11/mt on Wednesday to $620/mt FOB Korea due to strong demand from Taiwan. A trader in the Chemical Industry said this had caused some uncertainty on Wednesday, due to the upwards movement being opposite to a slip in upstream energy. The 16:30 London assessment of ICE Brent crude was down $1.21 on Wednesday to $70.13/b.
S&P Global assessed benzene Chemical Industry for delivery 5-30 days forward at $752/mt CIF ARA Wednesday, up $12.50/mt from Wednesday. May was assessed up $18.50/mt at $761/mt. Indications for H1 May, 15-20 May and full month showed a flat bid level at $760/mt. June was assessed up $14.50/mt at $718.50/mt, based on a curve and within an indicated spread to May of minus $30-$45/mt (Chemical Industry). H1 June was assessed at $721/mt, above a bid at $720/mt. H2 May was assessed at $716/mt, within a bid-offer range of $715-$725/mt. July was assessed up $14.50/mt at $712.50/mt, within a bid-offer range of $710-$720/mt and within an indicated spread to June of minus $5-$15/mt. August was assessed flat to July, with a bid-offer range $710-$715/mt (Chemical Industry). September was assessed flat to August. FOB was assessed at $752/mt, flat to CIF.