European spot benzene prices continued to rise on October 14, tracking higher bids for November deliveries amid sustained demand for ethylbenzene (EB) blending.
The assessed CIF Amsterdam-Rotterdam-Antwerp (ARA) price for benzene with five-to-thirty-day delivery was $1,476/tonne, up $8.75/tonne from the previous day. This assessment is based on a backwardated structure between October and November.
Competitive offers for first-half November and any November delivery dates rose by $20/tonne and $10/tonne, respectively, compared to the previous day, while offers for October and first-half November delivery remained unchanged. Demand for October and first-half November delivery dates remains weak.
No spot trades were reported on the day.
Upstream, the CIF Northwest Europe naphtha cargo index fell $10.50/tonne to $921/tonne, as cracking spreads weakened.
Despite the price decline, market participants emphasized that the deep contango of approximately $30/tonne in the CIF NWE forward curve continues to indicate tightness in the naphtha market.
Downstream, styrene prices for loading five-to-thirty days later stood at $2,015/tonne FOB ARA, rising $158.50/tonne, reflecting a backwardated structure between October and November spot markets.
Prices followed higher trades late on October 13, where 1,000 tonnes traded at $1,945/tonne, subsequently rising to $2,020/tonne, both purchases made by a producer.
While asking prices remained relatively stable, the most competitive bids for October and November delivery dates surged by $100/tonne and $170/tonne, respectively.
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