Price trend

According to the SunSirs Commodity Market Analysis System, benzene prices in Shandong Province initially rose before falling this week, with prices increasing on Thursday and decreasing on Friday. Overall, the price rose slightly. Benzene prices were 5,998.67 RMB/ton on Monday and 6,025.33 RMB/ton on Friday, a 0.44% increase for the week.

Analysis review

Benzene: On September 19, the market prices in Shandong Province weakened. Following the previous day's decline in crude oil, the futures market continued to weaken, shaky market confidence, and intensified bearish sentiment. Refineries and traders were increasingly willing to ship, shifting prices downward. Short-term prices are likely to continue their weak correction.

Market outlook

Crude oil futures: International crude oil futures closed lower on September 18. The November contract for WTI crude oil futures settled at $63.26 per barrel, down $0.44, or 0.7%. The December contract for Brent crude oil futures settled at $66.92 per barrel, down $0.54, or 0.8%.

Benzene prices on the international market: On September 18, FOB Korea prices fell by $3 to $719/ton, while CFR China prices fell by $4 to $738/ton. FOB Rotterdam prices rose by $1 to $663/ton, while FOB US Gulf prices rose by $1 to 253 cents/gal.

Overall forecast: Prices may continue to weaken and adjust in the short term, so be cautious when trading. Wait and see news on costs and demand. Continue to monitor crude oil and foreign market trends, benzene and downstream plant developments, and demand changes for their impact on benzene prices.

If you have any inquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.