Price trend

According to the SunSirs Commodity Market Analysis System, benzene prices in Shandong Province initially fell and then rose last week, with overall prices declining. Benzene prices were at 5,318.67 RMB/ton on Monday and 5,305.33 RMB/ton on Friday, a 0.25% decrease for the week.

Analysis review

Benzene: Sinopec's benzene prices at its East and South China refineries decreased by 200 RMB/ton to 5,450 RMB/ton last week. Recent news of planned maintenance at supply facilities had increased traders' purchasing activity. Combined with the rise in crude oil prices on October 23, overseas benzene prices had risen, boosting market confidence. Benzene prices saw a slight increase on October 24.

Future Outlook

Crude oil futures: On October 23, international crude oil futures prices rose sharply. The December contract for WTI crude oil futures settled at $61.79 per barrel, up $3.29, or 5.6%. The December contract for Brent crude oil futures settled at $65.99 per barrel, up $3.40, or 5.4%.

Overseas benzene prices: On October 23rd, FOB Korea prices rose by 11 cents to $677/ton, and CFR China prices rose by 10 cents to $692/ton. FOB Rotterdam prices rose by 17 cents to $676/ton, and FOB US Gulf prices rose by 1 cent to 247 cents/gal.

In the short term, benzene prices will likely fluctuate to be stronger, and traders should be cautious. Wait and see what news is coming in terms of costs and demand. Continue to monitor crude oil and foreign exchange trends, benzene and downstream plant developments, and demand fluctuations for their impact on benzene prices.

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