Asian benzene prices dip, while PS prices rise

12-Jun-07

Very few deals were heard for benzene despite a ten dollar dip in prices/mt FOB Korea for July shipment. Demand was thin due to a wide price gap between offers at the level of US$1,025-1,045/mt and bids by buyers. Spot prices for July shipment were evaluated between US$1,350-1,370/mt FOB Korea. Downstream SM market was also sluggish amid lack of buying interest, prices softened by US$25-30/mt. However, steady demand from end-users maintained notional June offers for GPPS grade above US$1,500/mt CFR Hongkong/China, despite a drop in raw material cost. However, buyers turned up caution in building inventories, as SM prices continued to fall.