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SunSirs: Hydrogenated Benzene Price Fluctuated in a Narrow Range (from January 27 to February 3)
February 06 2023 14:22:23()

From January 27 to February 3, 2022, the ex-factory price of Hydrogenated benzene in North China rose slightly, from 7100 RMB/ton at the end of last week to 7166.67 RMB/ton at the end of this week, up 0.94%.

International crude oil futures continued to fall on February 2. The settlement price of the main contract of US WTI crude oil futures was US $75.88/barrel, down US $0.53 or 0.7%. The settlement price of the main contract of Brent crude oil futures was 82.17 US dollars/barrel, down 0.67 US dollars or 0.8%. The continued strength of the US dollar depressed the crude oil valuation. In addition, the oil price continued to be under pressure due to the weak economic data.

Crude oil prices rose first and then fell, and China's demand outlook was affected by generally optimistic expectations. At the end of 2022, since China relaxed the epidemic restrictions, the economic growth prospects have been gradually strengthened, driving the recovery of oil demand. At the same time, the performance of the supply side has stabilized, OPEC has steadily implemented the production reduction, and Russia's oil exports have gradually stabilized. Under the background of the continuous improvement of demand in the oil market, the international oil price rose. In the later period, the inflation level of western economies remained high, and the tightening of monetary policy may be maintained for a long time. The Federal Reserve began a two-day policy meeting on Tuesday, and the expectation of interest rate increase brought pressure to the risk asset side. The final result of monetary policy will be released on Wednesday (local time), and the Federal Reserve will raise interest rates by 25 basis points. In addition, the European Central Bank will also announce an interest rate increase when it meets on Thursday. Under the macro negative pressure, the trend of crude oil prices fell.

Summary of Sinopec benzene price adjustment (unit: RMB/ton)

Date Adjusted price Adjustment amount
November 2nd   -250
November 4th   -200
November 22nd   -200
November 29th   -300
January 4th   +150
January 9th   +200
January 13th   +100

 

The ex-factory price of Sinopec benzene increased by 100 RMB/ton on January 13, 2023, and the current price is 6950 RMB/ton.

Other enterprises: Jingbo Petrochemical quoted 7100 RMB/ton, HSBC Petrochemical quoted 7150 RMB/ton, Weilian Chemical quoted 6953 RMB/ton, Xinhai Petrochemical quoted 7050 RMB/ton, and Hongrun Petrochemical quoted 7150 RMB/ton.

The commodity price K-bar chart uses the concept of price trend K-line to reflect the weekly or monthly price changes in the form of bar chart. Investors can buy and sell investments according to the changes in the K-bar chart. Red indicates: rising; Green means: down; The height of the K column indicates the range of rise and fall. The weekly K-column chart of benzene shows that after entering July, the price of benzene has continued to decline, and slightly warmed at the end of August and the beginning of September. The price of benzene has mainly declined from October to December, and warmed in January.

Industrial chain: the benzene market rose first and then fell this week. At the beginning of the week, supported by the external market and crude oil prices, the price of benzene was the main factor. Sinopec raised the ex-factory price of benzene. The market offer was positive, the transaction was fair, and the market price was up. At the weekend, the trend of crude oil and styrene was low, affecting the market mentality, and the market trading was slightly cold. Hydrogenated benzene market was the main market this week, with the price of 7200 RMB/ton in Hebei, the main production area.

In terms of the hydrogenation benzene market, the overall ex-factory price of this week rose in a narrow range, and the market price followed the trend of benzene, and declined slightly this week. Downstream construction has not yet fully recovered after the holiday, the overall demand for raw materials is weak, and the overall market turnover at the weekend is weak, which has a certain impact on the mentality of hydrogenation benzene enterprises, and the overall construction is stable. The recent weakness of crude oil in the aftermarket will affect the market mentality. In terms of demand, some downstream devices have maintenance plans. The market expects that the aftermarket demand will weaken. In the aftermarket, it is expected that the benzene market will mainly operate in a stable and weak manner. In the aftermarket, the focus will be on the impact of the trend of basic products such as crude oil and styrene on the market mentality.

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