September 4th 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 8,127.67 CNY per ton on Monday and 8,751 CNY per ton on Friday, with a weekly increase of 7.67%.
2. Market Analysis
Pure benzene: This week, the market price of pure benzene in Shandong region has risen. During the week, the prices of pure benzene from Sinopec's East China, South China, and Central China refineries were increased three times, with a cumulative increase of 650 yuan. The latest price of pure benzene is 8,900 CNY/ton, effective from August 21. Currently, as the situation between the United States and Iran escalates, international oil prices are trending strongly and fluctuating upwards, providing strong support for pure benzene, leading to an upward trend in its price. Today, the offers from Shandong local refineries continued to rise, but the price increase narrowed.
Downstream sector
III. Future Market Forecast
Crude Oil Futures: On September 3, international crude oil futures showed mixed performance. U.S. WTI crude oil futures closed higher, with the October contract settling at $91.30 per barrel, up $0.29, or 0.3%. Brent crude oil futures closed lower, with the November contract settling at $95.52 per barrel, down $0.11, or 0.1%.
Foreign market benzene: On September 3, FOB Korea rose by $6 to $1,091 per ton, and CFR China rose by $7 to $1,114 per ton. FOB Rotterdam fell by $6 to $1,185 per ton, while FOB USG rose by $1 to 470 cents per gallon.
Overall forecast: In the short term, pure benzene prices are expected to remain volatile at high levels. Stay tuned for developments on cost factors and demand-side news. Continue to monitor crude oil prices, overseas market trends, as well as the dynamics of pure benzene and downstream facilities and changes in demand, all of which will influence pure benzene prices.
