August 7th 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 7,501 CNY per ton on Monday and 7,401 CNY per ton on Friday, a decrease of 1.33% within the week.
2. Market Analysis
Pure benzene: This week, the market price of pure benzene in Shandong region has fallen. During the week, the prices of pure benzene from Sinopec's East China, South China, and Central China refineries were adjusted downward twice, with a cumulative decrease of 650 yuan. The latest price of pure benzene is now 7,350 CNY/ton, effective from August 6th. The rise in crude oil prices at the close of trading yesterday provided some positive support to the pure benzene market. However, due to poor sales and inventory accumulation at local refineries in Shandong, buyers in the pure benzene market are being cautious, and it is expected that the price of pure benzene will fluctuate narrowly in the short term.
Downstream sector
III. Future Market Forecast
Crude Oil Futures: On August 6, international oil prices closed with a significant rebound, driven by gains in closing prices. New York WTI September crude oil futures closed at $77.29 per barrel, up $2.07 from the previous day, representing a price increase of 2.75%. London Brent October crude oil futures closed at $82.49 per barrel, up $3.04, with a price increase of 3.83%.
Foreign market benzene: On August 6, FOB Korea rose by $5 to $894 per ton, and CFR China rose by $5 to $906 per ton. FOB Rotterdam fell by $29 to $1,068 per ton, and FOB USG fell by $11 to 427 cents per gallon.
Overall forecast: In the short term, the Chinese pure benzene market will mostly be in a wait-and-see mode, with prices fluctuating narrowly. Market participants will be watching for news on cost and demand factors. Continued attention should be given to the trends in crude oil and foreign markets, as well as the operational status of pure benzene and downstream facilities, and changes in demand, which will influence pure benzene prices.
