Asian Benzene: Prices
see sharp retreat after crude fall■ Kumho Petrochemical plans
turnaround in early May ■ April/May structure inches
downThe Asian benzene market was bearish during
the last session of trading, as traders became more cautious after the sharp
decline in oil prices. Even though oil prices remained high, May ICE Brent crude
futures dropped $7-8/barrel on the day. They stood at $111.14-130.25/b as per
0830 GMT Asian close. Two counterparties
entered into an open trade for April-loading FOB Korea at $1,200-1,235/mt. FOB Korea cargo for May was also offered at $1,183-1,200/mt. FOB Korea benzene physical markers declined $42.66-47.75/mt
to $1,190-1,220/mt March 4. The April/May
structure narrowed to plus $16-20/mt, down from plus $28-34/mt the day before. Participants repeated the sentiment that price pressure was
affecting downstream sectors. Sources
indicated that the styrene market was weak...