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Benzene prices soared across regions in December but showed moderation later amid weaker demand in China. In US, spot benzene moved up to 16-month highs due to rising Asian numbers, a strong derivative styrene market and low benzene fixtures to the US. In Europe, benzene spot moved up during the month. Asian marker, FOB Korea surged 18% in December and declined 5.9% YoY. US spot prices rose 16.7% while it fell 7.3% YoY as compared to previous year’s average. European spot was up 22.6% on the month while it fell 3.5% YoY.

Asian spot benzene spiked US$108-120 a ton FOB Korea and CFR Taiwan in the second week of December. The CFR India was up US$120 a ton on the week. Benzene prices gave back a significant part of its previous week’s gains as buyers were resistant to such sharp hikes. Sellers in Asia were unlikely to compromise on prices until given the price uptrend in crude oil and feedstock was established.

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