Benzene prices marched higher in Asia on Tuesday. Prices galloped higher on the back of bullish energy and naphtha rates coupled with gains recorded in benzene prices in the est.
FOB Korea prices of benzene were assessed up at the USD 1205/mt levels with sellers targets heard firmer on Wednesday morning.
A benzene seller a polymerupdate team member spoke with briefly said,"with arbitrage opportunities to ship to the US continuing, demand for benzene among our clients remains robust. Our offers for July cargoes are up at the USD 1230/mt FOB mark and we are confident of transacting at this price."
He added, "last weeks sell off was overdone. The fact that prices of other aromatics have gained and downstream SM has also firmed is a strong cue for us to keep our price targets firm for benzene."
Toluene prices meanwhile were assessed up more than USD 20/mt on the day at the USD 1100/mt FOB Korea levels.
