Benzene prices in Asia were assessed at $1,247/mt FOB Korea on October 9, down $6.33/mt from the previous trading day, pressured by lower MOC (Market on Close) transaction prices.
During the closing assessment process, two trades were reported: Gunvor sold a cargo for November loading FOB Korea to Trafigura at $1,260/mt, and bought a cargo for December loading FOB Korea from BP at $1,221/mt.
In discussions regarding floating price deals on an FOB Korea basis, the last offer heard for November cargoes was at a premium of $70/mt over the weekly average Korean price for November, with no counter-bids received during the trading session.
The recent surge in benzene prices has become difficult for downstream industries to absorb, potentially leading buyers to adopt a more cautious stance, according to a Northeast Asian trade source. Specifically, styrene margins are being squeezed as both benzene and ethylene prices remain elevated.
On the downstream front, styrene monomer (SM) was assessed at $1,488/mt FOB Korea and $1,428/mt CFR China on October 9, marking a day-on-day decline of $21/mt.
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