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Benzene markets in Asia hit an eight-month high in November 2017 on strong buying interest and high upstream prices. In US, spot benzene prices jumped on tight prompt supply during the month. Supply in the US has been tight since late October due to regional plant outages. In Europe, benzene spot market rose as significant volumes were still being shipped to the US where supply continued to be tight. Asian marker, FOB Korea surged 7.8% in November while US spot prices were up 15.8%. European spot rose 15.9% on the month.

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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.

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In the last week, ended on 20th May 2016, benzene prices fell in Asian markets amid thin discussions while supply tightness persisted in SE Asia for June and arbitrage from S Korea to China remained open. However, the prices drop varied sharply across Asian markets, with lowest drop seen in India and highest in Southeast. In US, spot benzene moved higher on bullish views on supply while European benzene market ended quietly with spot price retreating slightly.

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Asian benzene was dearer in the last week, ended on 1st April 2016, amid stable crude while demand in US is yet to rebound. Asian benzene markers were up US$9-13 a ton on the week and rose 15.1 per cent on the month. In Europe, spot price was down on weak demand while monthly contract price was fully settled. In US, spot was pressured by excess supply while April contracts rose amid closed arbitrages to US. April settlement marked the third consecutive split settlement, in line with market expectations. In Latin America, spot benzene dipped, tracking USG pricing.

Nylon yarn prices declined further during the first week of August as operating cost pressure reduced on lower prices of caprolactum and nylon chips. However, demand was also weak as downstream converters could hardly find fresh order intakes amid dull season, restraining demand for nylon yarn and in turn weighing down yarn prices.

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Benzene markets tumbled across regions and prices plunged sharply in Asia on weak demand amid excess supplies. The arbitrage window from Asia to US was firmly shut. In Europe, prices dropped amid demand gaps as it lost demand from styrene market with the benzene-styrene spot spread surging dramatically. In US, the benzene markets saw another decline as export opportunities to Europe were absent with the price spread narrowing.

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Benzene prices have gained 14-16 per cent across regions in March, pushed by an uptick in demand and stronger crude as players in US wanting to open the arbitrage window from Europe amid tighter supply expectations. However, benzene prices were seen easing end March as upstream toluene cooled down while arbitrage window to US remained closed. The week also witnessed a rare reverse arbitrage move. An estimated 20,000 ton cargo was set to arrive in China from the US in March-end.