Crude benzene market is unlikely to rebound significantly

On April 21st, U.S. oil futures closed at a negative value for the first time in history. Although commodities closed down a bit, compared with the large-scale fall limit triggered by the crude oil "diving" in March, the domestic chemical market performed relatively rationally this time. Affected by the sharp drop in crude oil prices, the external market of pure benzene fell sharply. The bidding price of crude benzene in the main production areas fell. The downstream construction started to maintain a low level, and the pure benzene sales were not good. The downstream lowered the price and entered the market. 2100 CNY/ton, Tangshan offers are concentrated at 2200-2300 CNY/ton, Shanxi offers are relatively high, concentrated at 2250-2300 CNY/ton.

At present, crude oil and pure benzene have frequent external disk changes, and the overall market mentality is bearish. The overall operating rate of the downstream hydrobenzene industry is 44.8%, a slight increase of 2.4 percentage points from last week. Jinmao and other hydrobenzene plants have gradually resumed production, and near the May Day holiday, there is a demand for stocking before the downstream festival. The production enthusiasm of hydrobenzene enterprises is acceptable, but the overall operating rate is still low. Although crude benzene prices have fallen sharply this week, especially in Shandong, the downstream hydrobenzene enterprises are still in a state of loss. The current loss is generally around 150 CNY/ton. The sentiment against crude benzene is heating up, and the low-level supply on the floor has increased.

This week's coking industry operating rate is relatively stable, the overall market started around 70% to 80%, and the supply of crude benzene is stable. However, recently there are environmental protection restrictions on production in Changzhi area of Shanxi and parts of Shandong. The production situation of coke enterprises may be affected, and the operating rate of coke enterprises may decline slightly in the later period. However, due to the overall low operating rate of downstream hydrobenzene enterprises, and as the May 1 holiday is approaching, coke enterprises in order to reduce inventory pressure, coke enterprises in Shandong and other places pre-sell pre-sales in advance, resulting in increased downstream price pressure sentiment, coke enterprises Had to let Lee ship.

In general, the current trend of pure benzene has deviated from the fundamentals and is greatly affected by external news. However, the recent external disk fluctuations of crude oil and pure benzene have been frequent, and market sentiment has increased. Next week is the May Day holiday. Some coke companies have pre-sold the supply of next week in advance. Although the price of pure benzene has risen this weekend, the downstream is still in a state of loss. The crude benzene market is unlikely to rebound significantly. Crude benzene next week The market is expected to be dominated by low shocks.