The spot US benzene contract price for April settled at $4.80/gal ($1,436.64/mt), a decline of 15 cents compared with March's CP, industry sources said Tuesday on the sidelines of the American Fuel & Petrochemical Manufacturers conference in San Antonio.
Market participants initially expected a settlement between $4.85/gal and $4.95/gal, but expectations moved lower to a $4.78-4.80/gal range amid anticipated weakness in the spot market for April.
More benzene will become available in the US because of incoming shipments from Asia and prices slip as a result, sources said.
However, spot prices will resist a steep decline amid an expected pick-up in downstream styrene demand in April, sources said.
US spot benzene was pegged by sources Tuesday at $4.83/gal FOB US Gulf Coast for April as bids were heard at $4.75/gal and offers heard at $4.90/gal.
