August 28 news
I. Price Trends
According to the commodity market analysis system, the pure benzene market price in Shandong region of China first declined and then rose this month, with an overall increase. The price on August 1 was 7,767.67 CNY/ton; the price on August 28 was 8,017.67 CNY/ton, an increase of 3.22% from the beginning of the month.
2. Market Analysis
Pure benzene: This month, the market price of pure benzene in Shandong region first fell and then rose, with an overall increase in prices. Currently, the situation between the US and Iran still has uncertainties, and international crude oil futures have risen. In terms of ports, the inventory in East China remains low, and there is no significant increase in subsequent imports. Local refining enterprises in Shandong are mainly maintaining stable offers, with cautious transactions. Sinopec's pure benzene prices at refineries in East China, South China, and Central China are set at 8,250 CNY/ton, effective from August 21.
This month, Sinopec raised the price of pure benzene by 350 CNY/ton to 8,250 CNY/ton in China.
Downstream aspects
3. Future Market Forecast
Crude Oil Futures: On August 27, international crude oil futures closed higher. The settlement price for the October contract of U.S. WTI crude oil futures was $83.53 per barrel, up $1.30, or 1.6%. The settlement price for the November contract of Brent crude oil futures was $88.52 per barrel, up $1.58, or 1.8%.
Foreign market benzene: On August 27, FOB Korea rose by $15 to $1,006 per ton, and CFR China rose by $15 to $1,021 per ton. FOB Rotterdam fell by $29 to $1,031 per ton, and FOB USG fell by $17 to 443 cents per gallon.
Overall forecast: In the short term, the pure benzene market is expected to experience slight fluctuations. 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.
