Price trend

According to the SunSirs commodity market analysis system, the price of benzene in Shandong Province was falling last week. The price was 5,575.33 RMB/ton on Monday and 5,428.67 RMB/ton on Friday, a weekly drop of 2.63%.

Analysis review

Benzene: Benzene market prices fell. Crude oil prices continued to fall, and futures prices fluctuated and weakened. Market confidence was unstable, and bearish sentiment grew. Far-month European cargoes impacted the market, suppressing purchasing demand. Sinopec's East and South China refineries reduced benzene prices by 100 RMB/ton to 5,650 RMB/ton, effective October 14th. Shandong local refineries continued to lower their quotes, focusing on active shipments.

Market outlook

Crude oil futures: On October 16, international crude oil futures closed lower. The December contract for U.S. WTI crude oil futures settled at $56.99 per barrel, down $0.85, or 1.5%. The December contract for Brent crude oil futures settled at $61.06 per barrel, down $0.85, or 1.4%.

On October 16, benzene prices increased by 3% to $676/ton on FOB Korea and 4% to $692/ton on CFR China. FOB Rotterdam prices remained stable at $655/ton, while FOB US Gulf prices fell by 2% to 252 cents/gal.

Overall forecast: Benzene prices will fluctuate and weaken in the short term, so traders should be cautious. Wait and see news on cost and demand. Continue to monitor crude oil and foreign exchange market trends, benzene and downstream plant developments, and demand fluctuations for their impact on benzene prices.

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