Pure Benzene Market Prices Fell First, Then Rose This Week (10.21–10.24)

October 24, news

I. Price Trends

According to the commodity market analysis system, the price of pure benzene in the Shandong region of China first decreased and then increased this week, but overall, the price declined. The price of pure benzene was 5,318.67 CNY per ton on Monday and 5,305.33 CNY per ton on Friday, with a weekly decrease of 0.25%.

II. Market Analysis

Pure benzene: This week, Sinopec's refineries in East China and South China reduced the price of pure benzene by 200 yuan to 5,450 CNY per ton. Recently, there have been reports of planned maintenance on production facilities, which has increased the purchasing enthusiasm of traders. Additionally, with the rise in crude oil prices yesterday and the increase in the price of pure benzene in the international market, market confidence has been boosted, leading to a slight increase in the price of pure benzene today.

Downstream sector

III. Market Forecast

Crude Oil Futures: On October 23, international crude oil futures surged significantly. The December contract for U.S. WTI crude oil closed at $61.79 per barrel, marking a price increase of $3.29, or 5.6%. Meanwhile, the December contract for Brent crude oil settled at $65.99 per barrel, up $3.40, or 5.4%.

Foreign market benzene: On October 23, FOB Korea rose by $11 to $677 per ton, while CFR China increased by $10 to $692 per ton. FOB Rotterdam climbed by $17 to $676 per ton, and FOB U.S. Gulf edged up by 1 cent to 247 cents per gallon.

Overall forecast: In the short term, the price of pure benzene is expected to mainly fluctuate with a strong bias, and trading will be cautious. Keep an eye on cost and demand news. Continue to monitor the trends in crude oil and foreign markets, as well as the dynamics of pure benzene and downstream facilities, and changes in demand, which will impact the price of pure benzene in China.