Benzene prices in Asia rose for a third consecutive day Wednesday as the downstream styrene monomer market surged amid higher crude futures and naphtha prices, as per Platts. FOB Korea prices gained US$13.50/mt day on day to US$1074/mt, while August ICE Brent crude futures rose by over a dollar to US$112.75, and naphtha gained US$18.88/mt day on day to US$946.38/mt CFR Japan. But concerns emerged about the sustainability of SM gains as September benzene bids fell to around US$1078/mt FOB Korea in the afternoon.
Additional consumption from SM producers seems unlikely, and the loosening of credit for SMEs [small and medium enterprises] in China may be the reason for SM’s buoyancy this week.
07-Jul-11 
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