After closing at an assessed level of $974.50/mt for 1,000 metric tonne CIF ARA barges November 5, bid levels of $985/mt for November and $980/mt for December showed that the market had risen. Offer levels were also seen higher, with sellers for both months at $1,000/mt.
It was followed by reports of a trade done at $992.50/mt, although this could not be confirmed.
The rise in price levels followed an 8 cent per gallon ($24/mt) increase in the US Gulf Coast market November 5. According to sources a raft of short covering brought US buyers into the market pushing prices up to 337 cents per gallon ($1,008/mt).
This was followed by significant increases in the Asian markets, with Platts data showing that both the FOB Korea and FOB South East Asian marker price rose by $31.50/mt Monday morning to $972/mt and $964/mt respectively.
