Japanese aromatics producer JX Nippon Oil has nominated its benzene Asian Contract Price (ACP) $65/t higher than the previous month's settlement.
It nominated the October ACP at $620/t cfr Asia today, planning to reach a settlement with its customers by 30 September.
The $65/t hike is in line with more balanced supply conditions expected for October following increased exports from Asia-Pacific to the US in August and September. Benzene supplies are also more balanced in October because of a spate of turnarounds at several South Korean units.
The downstream styrene monomer (SM) market is expected to remain stable to firm during October partly amid tight supplies following the turnaround season in northeast Asia. A steady SM market is also expected to bolster benzene demand from this downstream sector.
mc/rjd
Send comments to feedback@argusmedia.com
Request more information about Argus' energy and commodity news, data and analysis services.
Copyright © 2015 Argus Media Ltd - www.argusmedia.com - All rights reserved.
