Benzene-naphtha spread in Asia has peaked to a nine-month high on Thursday to US$265.75/mt, as prices for the aromatic surged to a 28 month high on Wednesday, Platts data showed. The spread is the widest since levels seen on April 7 at US$267.50/mt. The surge in Asian benzene prices is the result of strong prompt demand in the US and Europe, which led to arbitrage opportunities from the Far East to the two western continents.
A benzene-naphtha spread of $200/mt is considered to be the break-even point for most producers in Asia. For integrated producers, the spread could be as low as $150/mt.
Compared to Friday last week, the FOB Korea benzene benchmark had gained about US$43.50/mt to US$1136/mt, while the CFR Japan naphtha benchmark stood at US$870.25/mt the same day. On Wednesday, benzene price reached US$1128/mt FOB Korea, a level not seen since September 24, 2008.
21-Jan-11 
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