July 17th News
I. Price Trends
According to the commodity market analysis system, the price of pure benzene in the Shandong region of China rose this week. The price of pure benzene was 7,420 CNY per ton on Monday and 7,836.67 CNY per ton on Friday, with a weekly increase of 5.62%.
2. Market Analysis
Pure benzene: This week, the market price of pure benzene in Shandong region increased. Recently, the situation in Iran has become tense again. During the week, the prices of pure benzene from Sinopec's plants in East China, South China, and Central China rose three times consecutively, with a cumulative increase of 700 yuan. The latest quote is 8,000 CNY/ton, effective on July 17. Currently, after the international oil price rebounded and then fell back, the trading of pure benzene in the market is quiet, with insufficient buying interest. The risk of further increases is high, and the market price of pure benzene from local refineries in Shandong has slightly declined, while the price of pure benzene in the East China market has fluctuated slightly.
Downstream sector
3. Future Market Prediction
Crude Oil Futures: On July 16, international crude oil futures closed lower. The August contract for U.S. WTI crude oil futures settled at $78.28 per barrel, down $0.84, or 1.1%. The September contract for Brent crude oil futures settled at $84.23 per barrel, down $0.72, or 0.9%.
Foreign market benzene: On July 16, FOB Korea fell by $15 to $944 per ton, and CFR China fell by $18 to $967 per ton. FOB Rotterdam rose by $6 to $1,196 per ton, and FOB USG rose by 47 cents to 476 cents per gallon.
Overall forecast: In the short term, the benzene market is expected to remain relatively strong but cautious, with traders adopting a watchful stance. Stay tuned for developments on cost factors and demand-side news. Continue to monitor crude oil prices, overseas market trends, as well as dynamics in benzene and downstream facilities and changes in demand, all of which will influence benzene prices.
