July 31 news
I. Price Trends
According to the commodity market analysis system, the pure benzene market prices in Shandong region of China rose first and then fell this month, with an overall increase in prices. The price on July 1st was 6,753.33 CNY per ton; the price on July 31st was 7,767.67 CNY per ton, an increase of 15.02% from the beginning of the month.
2. Market Analysis
Pure benzene: This month, the market price of pure benzene in Shandong region first increased and then decreased, but overall, the price has risen. Currently, the situation between the United States and Iran has eased, and international crude oil futures have closed lower, dragging down the pure benzene market. In terms of ports, there is an inventory accumulation due to the concentrated arrival of imported goods. Local refining companies in Shandong are offering discounts, and Sinopec's plants in East China, South China, and Central China are implementing a pure benzene price of 7,900 CNY per ton, effective from July 28.
This month, Sinopec's pure benzene price was increased by 1,200 CNY per ton to 7,900 CNY per ton.
Downstream sector
3. Future Market Prediction
Crude Oil Futures: On July 30, international crude oil futures closed lower. The September contract for U.S. WTI crude oil futures settled at $83.59 per barrel, down $0.87, or 1.0%. The October contract for Brent crude oil futures settled at $86.88 per barrel, down $1.21, or 1.4%.
Foreign market pure benzene: On July 30, the FOB Korea price for pure benzene rose by $17 to $961 per ton, while the CFR China price rose by $17 to $979 per ton. The FOB Rotterdam price remained stable at $1,233 per ton, and the FOB USG price remained stable at 433 cents per gallon.
Overall forecast: In the short term, the pure benzene market is expected to fluctuate within a narrow range. 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.
