June 30th, news
I. Price Trends
According to the commodity market analysis system, the price of pure benzene in the Shandong region of China fell this month. The price on June 1st was 7,620 CNY per ton; the price on June 30th was 6,736.67 CNY per ton, a decrease of 11.59% from the beginning of the month.
II. Market Analysis
Pure benzene: Overall, the market price of pure benzene in Shandong region of China has decreased this month. Currently, the port inventory continues to decline, and the inventory of pure benzene is at a low level in the short term, with prices bottoming out and rebounding at the end of the month. Local refining enterprises in Shandong have slightly increased their quotations. Sinopec's refineries in East China and South China are implementing a price of 6700 CNY/ton for pure benzene, effective from June 26. It is expected that the pure benzene market will operate with a strong fluctuation in the short term.
This month, Sinopec's pure benzene price was reduced by 1000 CNY/ton to 6700 CNY/ton.
Downstream aspects
III. Future Market Forecast
Crude Oil Futures: On June 29, international crude oil futures closed higher. The settlement price for the August contract of U.S. WTI crude oil futures was $70.75 per barrel, up $1.52, or 2.2%. The settlement price for the September contract of Brent crude oil futures was $73.91 per barrel, up $1.31, or 1.8%.
Foreign market benzene prices: On June 29, FOB Korea rose by $22 to $807 per ton, and CFR China rose by $22 to $828 per ton. FOB Rotterdam rose by $31 to $1,123 per ton, and FOB USG rose by $4 to 362 cents per gallon.
Overall forecast: In the short term, the pure benzene market is expected to fluctuate moderately higher. It remains necessary to closely monitor developments on both the cost and demand sides. Continue to pay attention to trends in crude oil prices, overseas markets, as well as the dynamics of pure benzene and downstream facilities and changes in demand, all of which will influence pure benzene prices.
