US spot benzene shed 5 cents Wednesday to land at $4.29/gal ($1,282.71/mt) FOB US Gulf Coast, its lowest assessed level in six weeks, as slower chemical demand and an oversupplied market put downward pressure on prices, sources said.
Spot prices were last below this level on May 1, when Platts assessed the market at $4.27/gal FOB USG.
The market had been stable in the $4.30/gal range since May 29, after trending lower since an assessment of $4.49/gal on May 13.
Slower downstream demand in phenol and styrene has pressured benzene, as 70% of benzene goes into producing these derivatives.
Prices are expected to rise in July because of a pick up in styrene demand, sources said.
