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SunSirs: Pure Benzene Continued to Decline This Week(April 27- May 8)

May 08 2020 14:34:10     SunSirs (John)

Price trend

According to the data of SunSis' list, pure benzene continued its downward trend this week. The price of pure benzene on April 26 was 3,000-3,500 RMB/ton (average price 3,170 RMB/ton), and the price of pure benzene on May 3 was 2,750-3,400 RMB/ton (average price 2,960 RMB/ton), the weekly decline was 6.62%.

 

Analysis review   

Product: On Tuesday, Sinopec's pure benzene price was lowered by 250 RMB/ton to 2,800 RMB/ton. The ports inventory of pure benzene decreased slightly from last week. At the beginning of the week, the price of pure benzene continued to decline due to the drag of crude oil and the weakening of the external disk.

External disk: South Korea imported pure benzene at 323.67 US dollars/ton on April 30, down 8 US dollars/ton from April 24, a decrease of 2.41%; East China imported pure benzene at 341 US dollars/ton, unchanged from April 14. In April, South Korean imports of pure benzene rose by 58.67 US dollars/ton, or 22.14%; East China ’s imported pure benzene rose by 38 US dollars/ton, or 12.54%.

Crude oil: Many countries have gradually relaxed the blockade measures, and the recovery of crude oil demand has certain positive expectations. Compared with April 24, Brent rose 3.35 US dollars per barrel this week, an increase of 20.92%, WTI rose 5.35 US dollars per barrel, an increase of 31.58%.

Downstream industry: The price of styrene rose this week, and the price in Shandong was 5,100 RMB/ton on Friday, a 2% increase from last week. This week, pre-holiday aniline purchases were general, and price cuts boosted shipments. On Friday, the price in Shandong was 4,800 RMB/ton, and the price in Nanjing was 4,800 RMB/ton.

 

Market outlook

In May, with the advancement of oil production reduction and the relaxation of blockade measures in many countries, crude oil demand may gradually recover. Bring favorable support for the external disk and the domestic pure benzene market.

 

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