The US spot benzene assessment reached its lowest level in nearly five months Tuesday at $4.45/gal ($1,331.89/mt) FOB USG for April.
Spot pricing was last seen at this level November 26, Platts data showed. US spot benzene has been on a downward trend since April 9, when it was assessed at $4.86/gal.
Sources attribute the decline to an increase in supply as shipments from Asia arrive. There are unsold cargoes currently on the water, sources said. Market participants expect shipments to arrive throughout May and anticipate prices will move lower. A source said the $4.30s/gal was a possibility.
The downward trend in the US benzene market could be lessened amid stronger demand in downstream styrene, sources said.
The day-over-day decline was 17 cents.
