US spot benzene reached $4.18/gal ($1,249.82/mt) Thursday on stronger demand, up 18 cents/gal from the July 17 one-year low of $4/gal FOB US Gulf Coast, sources said.
Sources have attributed the stronger demand to derivative styrene production, as supply in that market was described as tight.
Spot benzene demand in the US is steady to strong, while market supply is long but tightening, sources said.
Market participants expect benzene prices to continue higher into August amid limited supply availability due to the lack of benzene imports from Asia. The US is normally net short benzene and depends on Asian product to help balance supply.
The US spot benzene assessment was up 1 cent from Wednesday.
US spot styrene was assessed Thursday at 77.10 cents/lb ($1,699.75/mt) FOB USG.
