Asian benzene gained nine dollars, about 0.9% day on day to US$970.50/mt FOB Korea, as traders regained buying confidence on the back of a rise in crude oil prices, as per Platts.
Front month ICE Brent crude futures rose by 1.3% day on day to US$98.06/bbl. In the US, June benzene fell to $1,130/mt FOB USG.
Downstream, end-user demand for both styrene and phenol was heard to be dismal. The FOB Korea toluene marker was assessed at US$959/mt Tuesday, up US$17.50/mt from the day before amid a slight rebound in crude prices, after tumbling US$81/mt or 7.9% day on day.
The Asian paraxylene market was assessed at US$1241/mt CFR Taiwan/China Tuesday, rebounding US$6/mt from Monday, after having collapsed by US$94/mt day on day on Monday. Market sources said buyers in the Asian PX market were not confident as global economic woes would likely continue to hit already-weak downstream polyester and PTA markets in Asia. Asian styrene monomer for H2 July rebounded US$15/mt day on day Tuesday to US$1228/mt FOB Korea, amid higher crude oil and positive signs out of Europe.
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