Asian benzene: The fundamental weakness of prices is a factor.■ Japan’s
ENEOS settles July benzene ACP at $1,290-1,320/mt■ Southeast
Asian plant re-starts to increase supplyThe Asian benzene markets saw more activity
on July 1 than in physical markets. This was due to participants reacting to
the overnight drop in crude oil prices. The front-month September ICE Brent crude oil futures fell
below $110-130/b at the 0830 GMT Asian Market close. This led to downward pressure
on prices for benzene. August FOB Korea
benzene physical cargo offerings were well below $1,250-1,280/mt and were last
seen at $1,240-1,280/mt. September physical
offers fell to $1,215-1,245/mt. The decline was softened by an August/September
physical spread offer of plus $26-30/mt. FOB
Korea benzene physical markers were $1,230.67/mt. The most-traded contracts in the derivatives market were
July-August paper spreads at $1,230-1,260/mt. A few bids were...