June 12th, news:
I. Price Trends
According to the commodity market analysis system, this week, the pure benzene market prices in Shandong region of China fluctuated and declined. The price of pure benzene was 7,650 CNY/ton on Monday and 7,613.33 CNY/ton on Friday, with a weekly price decrease of 0.48%.
II. Market Analysis
Pure benzene: This week, the market price of pure benzene in Shandong region fluctuated and declined. The latest news is that the US and Iran are close to reaching a framework for the next phase of the agreement, and the market has a generally optimistic outlook on the prospects of US-Iran talks. Yesterday, international crude oil futures closed lower, with market confidence in pure benzene being moderate. Today, local refineries in Shandong are mainly stable, while pure benzene in East China is operating weakly.
Downstream sector
III. Future Market Forecast
Crude Oil Futures: On June 11, international crude oil futures closed lower. The settlement price for the July contract of U.S. WTI crude oil futures was $87.71 per barrel, down $2.32, or 2.6%. The settlement price for the August contract of Brent crude oil futures was $90.38 per barrel, down $2.72, or 2.9%.
Foreign market benzene: On June 11, FOB Korea rose by $2 to $970 per ton, and CFR China rose by $4 to $980 per ton. FOB Rotterdam fell by $1 to $1,149 per ton, while FOB USG remained stable at 375 cents per gallon.
Overall forecast: In the short term, the pure benzene market is expected to fluctuate within a narrow range, with cautious trading. Stay tuned for developments on cost factors and demand-side news. Continue to monitor crude oil prices, overseas market trends, as well as the dynamics of pure benzene and downstream facilities and changes in demand, all of which will influence pure benzene prices.
