October 23rd, according to reports
I. Price Trends
According to the commodity market analysis system, the pure benzene prices in the Shandong region of China first fell and then rose this week, with an overall slight increase. The price of pure benzene was 10,315 CNY/ton on Monday and 10,384.33 CNY/ton on Friday, with a weekly increase of 0.32%.
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 increase. The ongoing tensions between Iran and the United States, along with the escalation of conflicts in the Middle East, have led to a reassessment of supply risks. Meanwhile, signals of negotiations between Russia and Ukraine, localized supply disruptions, and improved profitability of refineries in Europe and America have created a complex mix of bullish and bearish factors, pushing the oil market into a highly volatile phase. Supported by cost factors, the price of pure benzene continued to strengthen, with a slight increase in prices from local refineries in Shandong, and a slight upward shift in the focus of spot discussions in the East China market.
Downstream aspects
3. Future Market Prediction
Crude Oil Futures: On October 22, international crude oil futures closed higher. The December contract for U.S. WTI crude oil settled at $99.47 per barrel, up $2.32, or 2.4%. The December contract for Brent crude oil settled at $113.17 per barrel, up $4.35, or 4.0%.
Foreign market benzene: On October 22, FOB Korea rose by $18 to $1,229 per ton, and CFR China increased by $18 to $1,258 per ton. FOB Rotterdam fell by $2 to $1,404 per ton, while FOB USG gained $3 to 481 cents per gallon.
Overall outlook: In the short term, benzene prices are expected to fluctuate slightly. Market participants are advised to monitor developments on the cost and demand sides. Continued attention should be paid to crude oil and international market trends, as well as to the operational status of benzene and downstream facilities and shifts in demand, all of which could influence benzene prices.
