US spot benzene reached a 10-month low assessment Tuesday at $4.17/gal ($1,246.83/mt) FOB US Gulf Coast.
Spot benzene was last assessed below this level on August 29, 2012 at $4.16/gal FOB USG. Since then, benzene prices have risen as high as $5.36/gal.
The US spot benzene market has been on a downward trend since May 13, when benzene was valued at $4.49/gal, amid lower demand and excess market supply, sources said.
Prices have fallen a total of 99 cents/gal since January 2, based on Platts data.
Market participants expect the market to strengthen toward the end of July into August because of a stronger downstream styrene market, but they believe it will be very difficult for spot prices to reach $5/gal during the remainder of the year.
