Price trend

According to the Commodity Market Analysis System of SunSirs, the price of benzene in the market dropped significantly last week. On Monday, the price of benzene was 6,435.33 RMB/ton, and on Friday, it was 5,968.67 RMB/ton, with a price drop of 7.25% during the week.

Analysis review

Benzene: The market price of benzene dropped significantly last week. At the beginning of the week, due to the expected easing of disputes in the Middle East and the easing of geopolitical conflicts, international crude oil futures plummeted, leading to a significant drop in benzene prices. The weekend market was affected by factors such as the end of month main spot trading, and the market fell slightly again.

This week, Sinopec lowered its price by 300 RMB/ton to 6,100 RMB/ton.

Market outlook

Crude oil futures: On June 26th, international crude oil futures closed slightly higher. The settlement price of the August WTI crude oil futures contract in the United States was $65.24 per barrel, an increase of $0.32 or 0.5%. The settlement price of Brent crude oil futures for August was $67.73 per barrel, an increase of $0.05.

Benzene overseas: FOB Korea fell $10 to $721/ton, CFR China fell $11 to $737/ton. FOB Rotterdam fell by $28 to $691 per ton, while FOB US Gulf rose by 2 to 263 cents per gallon.

Overall, it is expected that the benzene market supported by rigid demand in the short term, and it need to wait and see on the cost and demand side news. Continue to monitor the trends of crude oil and external markets, as well as the impact of changes in benzene and downstream equipment dynamics and demand on the price of benzene.

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