September 18th, news
I. Price Trends
According to the commodity market analysis system, the price of pure benzene in the Shandong region of China fluctuated and declined this week. The price of pure benzene was 9,634.33 CNY per ton on Monday and 9,467.67 CNY per ton on Friday, with a weekly price decrease of 1.73%.
2. Market Analysis
Pure benzene: This week, the market price of pure benzene in Shandong region fluctuated and declined. At the end of the week, Sinopec's plants in East China, South China, and Central China reduced the price of pure benzene by 300 yuan, with the latest price at 9,600 CNY per ton, effective from September 18. According to the latest news from CNBC, in addition to continuing repairs on a damaged main oil pipeline, Saudi Arabia has increased its supply of crude oil exports through the Strait of Hormuz. As a result, international oil prices collectively fell yesterday, which in turn affected the confidence in the pure benzene market, leading to a fluctuating decline in the price of pure benzene during the week.
Downstream sector
III. Future Market Forecast
Crude Oil Futures: On September 17, international crude oil futures closed lower. The settlement price for the October contract of U.S. WTI crude oil futures was $101.91 per barrel, down $0.52, or 0.5%. The settlement price for the November contract of Brent crude oil futures was $104.82 per barrel, down $1.01, or 1.0%.
Foreign market benzene: On September 17, FOB Korea fell by $38 to $1,159 per ton, and CFR China fell by $39 to $1,176 per ton. FOB Rotterdam dropped by $24 to $1,352 per ton, while FOB USG rose by 9 cents to 562 cents per gallon.
Overall forecast: In the short term, pure benzene is expected to fluctuate weakly. We will be observing news related to cost and demand. Continue to monitor the trends of crude oil and foreign markets, as well as the dynamics of pure benzene and downstream facilities, and changes in demand, which will impact the price of pure benzene in China.
