A UK-based market participant Tuesday was heard to be trying to place 2,000-3,000 mt of benzene for loading in the UK early in the second half of May.
“They can’t find a buyer,” a second trader source said. “The tanks are full and traders are not interfering [with the market].”
Additionally, a tender for the placement of 5,000-6,000 mt cargo of benzene by a Mediterranean-based seller was heard last week, with limited buying interest reported.
On Wednesday morning, bid-offer ranges for May and June in Europe were heard at $850-$870/mt and $875-$895/mt, respectively, indicating pressure on European prices. On Wednesday morning, the FOB Korea marker slipped $3.66/mt to $874.67/mt following a fall in US spot prices. June US benzene slid 4 cents/gal to be assessed at 298 cents/gal ($891.02/mt), on healthy supply in the US Gulf region.
–Thordur Gunnarsson, thordur.gunnarsson@spglobal.com
–Edited by Jonathan Fox, jonathan.fox@spglobal.com
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