June 18th, news:
I. Price Trends
According to the commodity market analysis system, the price of pure benzene in the Shandong region of China fell this week. The price of pure benzene was 7,386.67 CNY per ton on Monday and 7,020 CNY per ton on Friday, a decrease of 4.96% within the week.
II. Market Analysis
Pure benzene: This week, the pure benzene market in Shandong region of China has declined. The latest quotations for pure benzene from Sinopec's refineries in East China, South China, and Central China are 7,100 CNY/ton, effective from June 17th. Currently, the market confidence in pure benzene is moderate. Today, the local refineries in Shandong are mainly stable, with slight fluctuations within the range. The futures market for pure benzene shows a strong rebound.
Downstream sector
3. Future Market Forecast
Crude Oil Futures: On June 17, international crude oil futures closed higher. The settlement price for the July contract of U.S. WTI crude oil futures was $76.79 per barrel, up $0.74, or 0.98%. The settlement price for the August contract of Brent crude oil futures was $79.55 per barrel, up $0.59, or 0.75%.
Foreign market benzene: On June 17, FOB Korea fell by $2 to $876 per ton, and CFR China fell by $2 to $890 per ton. FOB Rotterdam rose by $2 to $1,059 per ton, and FOB USG rose by $2 to 362 cents per gallon.
Overall forecast: In the short term, the pure benzene market in China will operate with fluctuating prices within a range, and transactions will be cautious. Market participants will monitor news related to cost and demand. Continued attention should be paid to the trends of crude oil and overseas markets, as well as the operational status of pure benzene and downstream facilities, and changes in demand, which will impact the price of pure benzene.
