The spread between benzene and feedstock naphtha in Asia widened $14.75/mt day on day to $381.50/mt Friday, reaching a five-and-a-half year high, Platts data showed.
Asian benzene surged $16/mt day on day to $1,323.50/mt FOB Korea Friday, while naphtha lagged behind with a $1.25/mt rise over the same period to $942/mt CFR Japan.
Benzene prices were supported by tight prompt supply of downstream styrene monomer, which led to the widening of the spread between benzene and naphtha, market sources said.
The last time the benzene-naphtha spread extended to this level was on June 1, 2007, when the spread was at $407.50/mt, according to Platts data.
Asian benzene producers typically need benzene to be $150/mt higher than naphtha to breakeven.
