Northwest European benzene spot barges for delivery 5-30 days forward were assessed at $540/mt CIF ARA Monday, down $105/mt day-on-day and down $315/mt in August alone, Platts data shows.
European benzene spot prices are currently at their lowest since April 3, 2009.
The benzene spot price has been under pressure throughout August due to plunging crude prices and lower benzene prices in regions outside Europe.
On Monday evening, US benzene spot prices were assessed at $583.50/mt FOB USG, putting European prices at a $33.50/mt discount to US prices on a FOB basis.
In NWE, FOB benzene is traditionally at a premium to CIF because benzene is a net import market in Europe.
Asian prices were assessed at $536/mt FOB Korea on Tuesday morning.
On Tuesday morning, two trades were reported for very prompt August loading in the Amsterdam-Rotterdam-Antwerp area, at $555/mt and $530/mt, respectively.
The monthly European contract price of benzene for September will settle at the end of this week. The August contract price settled at $853/mt CIF ARA.
If the August contract price were to settle at the traded levels reported so far this week, the price may drop as much as $298/mt-$323mt, or in the range of 35%-38%.
