October 16th report:
I. Price Trends
According to the commodity market analysis system, the price of pure benzene in the Shandong region of China this week first increased and then decreased, with a slight overall decrease. The price of pure benzene was 10,467.67 CNY/ton on Monday and 10,441 CNY/ton on Friday, representing a weekly decrease of 0.25%.
2. Market Analysis
Pure benzene: This week, the market price of pure benzene in Shandong region first increased and then decreased, with a slight overall decline. On Wednesday, the price of pure benzene from Sinopec's plants in East China, South China, and Central China was raised by 200 yuan to 10,800 CNY per ton, effective on October 14. On Friday, Sinopec's price was reduced by 200 yuan to 10,600 CNY per ton, effective on October 16. Yesterday, local refineries in Shandong faced difficulties in selling at firm prices, and today's quotations have dropped, with a noticeable decline in the willingness of traders to hold inventory.
Downstream sector
3. Future Market Prediction
Crude Oil Futures: On October 15, international crude oil futures closed higher. U.S. WTI crude oil futures posted a notable gain, with the November contract settling at $97.97 per barrel, up $2.88, or 3.0%. Brent crude oil futures ended nearly flat, with the December contract settling at $105.92 per barrel, down $0.14, or 0.1%.
Foreign market benzene: On October 15, FOB Korea fell by $29 to $1,244 per ton, and CFR China dropped by $29 to $1,285 per ton. FOB Rotterdam remained steady at $1,476 per ton, while FOB USG declined by $5 to 558 cents per gallon.
Overall forecast: In the short term, pure benzene will experience minor fluctuations. Keep an eye on cost and demand news. Continue to monitor the impact of crude oil and foreign market trends, as well as the dynamics of pure benzene and downstream facilities, and changes in demand on the price of pure benzene in China.
