Asian benzene prices slowdown - Arhive
Asian benzene prices slowdown
Asian benzene prices hit 11-month low
MOSCOW – Benzene prices in Asia fell below USD500 per tonne, FOB Korea this week, this is the level that was last observed during the financial crisis in 2008, ICIS reports.
The crude oil market collapsed last week to below USD30 per barrel and has since struggled to gain a foothold.
Fears of a slowdown in global demand due to the spread of supply chains, as well as coronavirus, have put pressure on markets around the world.Asian benzene prices slowdown
According to the latest WHO data, a total of 168,019 people have been confirmed to be infected with 6,610 deaths in 148 countries, areas or territories.
Naphtha, a feedstock for benzene, fell below USD300 per ton, reaching a 17-year low.
At the same time, manufacturing activity in China began to return to a relative norm, and infection with coronavirus seems to have become under control.Asian benzene prices slowdown
Benzene is a raw material for the production of styrene, which, in turn, is the main raw material component for the production of polystyrene (PS).
According to ScanPlast of Market Report, the total estimated consumption of PS and styrene plastics decreased by 10% in January 2020 compared to the same month a year earlier and amounted to 41.42 thousand tons. In the reporting month, the total operating time at the facilities of Russian plants also decreased (by 3%) compared with January a year earlier and amounted to 43.26 thousand tons. Asian benzene prices slowdown