19 Jul 2022 | 11:32 UTC
SK Geo Centric, TotalEnergies ink first spot deal on Platts Asia benzene eWindow
By Sue Koh
The Platts Asia benzene Market on Close assessment process recorded its first trade on July 19 on the eWindow, with a spot deal transacted between SK Geo Centric Singapore and TotalEnergies Trading Asia.
TotalEnergies Trading Asia agreed to sell one lot, or 3,000 mt, of the September FOB Korea benzene contract at $1,083/mt, after taking the bid submitted by SK Geo Centric Singapore.
The Platts Asia benzene eWindow, which was launched on Feb. 25, is an online data-entry and communications tool that brings greater speed, transparency and efficiency to the Market on Close price assessment processes.
South Korea is a major hub for benzene supplies and serves as a bridge between Northeast Asia and the Americas, with cargoes reaching mostly China and the US. South Korea's outflow of benzene in 2021 totaled approximately 2.478 million mt.