Benzene prices in Asia spiked during the first week of April amid firm demand and higher oil costs. Some market players attributed aggressive buying to short-covering, particularly by Chinese players. Although European benzene prices also posted increases in early April, market players expect values in Europe and the US to continue to decline during the month, following steep drops in March. The dwindling spot values over the past month have resulted in Europe's April contract settling down by ?141/mt ($203/mt) to ?860/mt ($1,238/mt). European spot prices closed at $1,292/mt on April 15.
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