Price trend

According to the SunSirs Commodity Market Analysis System, the Shandong region's benzene market experienced significant fluctuations this month. Prices fell in the first half of the month, rose in the middle, and then fell again in the late month. On September 1st, the price was 5,975.33 RMB/ton; on September 30th, it was 5,848.67 RMB/ton, a 2.12% decrease from the beginning of the month.

Analysis review

On September 30th, domestic benzene prices fell. A broad decline in international crude oil prices had impacted benzene market confidence, dragging down benzene prices. With the National Day holiday approaching, wait-and-see sentiment was becoming increasingly pronounced in the spot market, resulting in few transactions and price cuts for most Shandong refineries. Sinopec's East and South China refineries reduced benzene prices by 150 RMB/ton to 5,750 RMB/ton. Overall, with stocking up for the National Day holiday completed, the market was fraught with uncertainty during the holiday. It is expected that the benzene market will fluctuate and weaken in the short term, and actual transactions will be negotiated on a case-by-case basis.

This month, Sinopec lowered the price of benzene by 250 RMB/ton to 5,750 RMB/ton.

Market outlook

Crude oil futures: On September 29, international crude oil futures closed lower. The November contract for WTI crude oil futures settled at $63.45 per barrel, down $2.27, or 3.5%. The December contract for Brent crude oil futures settled at $67.09 per barrel, down $2.13, or 3.1%.

Benzene prices on the international market: On September 29, FOB Korea prices fell by $1 to $707/ton, while CFR China prices fell by $1 to $723/ton. FOB Rotterdam prices rose by $7 to $663/ton, while FOB US Gulf prices rose by $1 to 252 cents/gal.

Overall, the benzene market is expected to fluctuate and weaken in the short term, with investors waiting to see news on cost and demand. Continue to pay attention to the impact of crude oil, foreign market trends, benzene and downstream plant dynamics, demand changes, etc. on the price of benzene.

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