- Bearish sentiment is fueled by ample supply- Sinopec raises the listing price by Yuan150-200/mt



Asian benzene prices rose from $5.66-6.50/mt to
$922.33-950.50/mt on the same day for the FOB Korea marker. The FOB Korea physical
discussions grew in the afternoon trading session. The bid level was last heard
at $924-950/mt, against the $930-950/mt offer for October-loading cargoes. Due to the bearish outlook for November's arrival cargoes,
the October-November inter-month spread widened by $4-5/mt at $8-9/mt
backwardation. The September-October
inter-month spread was $1-2/mt backwardation in the paper market. Time swap
bids were heard at flat against offers at plus $2-3/mt. Sources indicated that the domestic supply of China is
expected to be sufficient, given the new benzene capacities at Shandong
Jiangsu. However, the importing demand may slow down in the fourth quarter. Traders also stated...