European benzene prices held steady on September 18, characterized by a wide bid-ask spread and limited trading activity.
The 5-to-30-day forward delivery assessment for benzene stood at $1,352/mt CIF Amsterdam-Rotterdam-Antwerp (ARA), unchanged day-on-day, based on a flat structure between September and October cargoes.
The most competitive September bid rose by $15/mt day-on-day. The most competitive October bid fell by $50/mt, while offers for both months increased by $10/mt.
No spot trades were reported on the day.
At least 7,000 mt of transactions were heard this week. September cargoes traded at $1,360/mt and $1,400/mt, while October cargoes traded at $1,360/mt. During the pricing window assessment, a September cargo of 1,000 mt was traded at $1,352/mt on September 17.
Overall, the CIF ARA benchmark price rose by $111/mt week-on-week. Market participants cited rising energy prices, reduced output from steam crackers, and ongoing disruptions related to the Rhine River as the primary drivers of the price increase.
In the downstream market, the 5-to-30-day forward shipment assessment for styrene monomer (SM) stood at $1,775.75/mt FOB ARA, up $15.25/mt day-on-day, based on a backwardation structure between September and October.
Prices rose in line with higher September transaction levels, including one trade of 1,000 mt at $1,800/mt.
Market participants continued to cite tight near-term supply, Rhine River disruptions, higher benzene costs, and ethylbenzene demand pull from the octane-blending sector as key factors driving the price rally this week.
The market appears to be beginning to feel the tightness in SM, particularly as the month-end and quarter-end approach, leading participants to anticipate inventory drawdowns across the board.
Although reports indicated that Middle Eastern import cargoes would arrive in Europe within the next week, the quantities and specifications of these shipments remained unconfirmed.
At least 7,000 mt of transactions were heard this week: September cargoes traded at $1,765–$1,800/mt [Note: Original text says "1765-1400", which is likely a typo for 1765-1800 or similar range given context; assuming range 1765-1800 based on previous sentence], October cargoes at $1,735–$1,745/mt, and November cargoes at $1,650/mt.
Overall, the FOB ARA styrene benchmark price rose by $79.50/mt week-on-week.
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