-
CPC of Unv1 issues term tender-
Small contango structure for December-January



As
weak fundamentals prevented trade talks in Asia's benzene market, market
participants remained mostly on the sidelines. The slight movements of the
three markers showed that prices were mostly rangebound. The East China
domestic marker dropped 5 cents/mt, but was up Yuan 3/3mt at $830.48-850.56/mt. The
prompt against H2 November ex tank laycans was in a contango at Yuan 5-10/mt. FOB
Korea benzene dropped $1.33/mt, to $803.67/mt Nov. 9. However, the
December-January structure was in a conango due to an offer for December laycan.
Sandwiched against a bid alongside the January laycan. Participants hoped
to gain insight into their 2023 contractual discussions by closely watching
Unv1's CPC issue a term tender for benzene supply through 2023. The tender
is open until November 16, and will...