Price trend:

According to the commodity market analysis system of SunSirs, the price of benzene in Shandong Province fluctuated slightly last week. On Monday, the price of benzene was 5,212 RMB/ton, and on Friday it was 5,202 RMB/ton, a decrease of 0.19% for the week.

Market Analysis

Benzene: Last week, Sinopec refineries in East and South China lowered their benzene prices by 150 RMB/ton, to 5,300 RMB/ton. On November 7, the benzene market price remained weak and stable. Shandong's local benzene refineries experienced poor sales for two consecutive days, leading to price reductions. Overall, benzene consumption was sluggish, and market trading activity was generally subdued.

Market outlook

Crude oil futures: On November 6, international crude oil futures closed lower. The settlement price for the December contract of US WTI crude oil futures was $59.43 per barrel, down $0.17 or 0.3%. The settlement price for the January contract of Brent crude oil futures was $63.38 per barrel, down $0.14 or 0.2%.

International benzene market: On November 6th, international benzene prices were as follows: FOB Korea fell $4 to $646/ton, CFR China fell $3 to $664/ton. FOB Rotterdam rose $1 to $675/ton, and FOB US Gulf rose 1cent to 246 cents/gallon.

Overall forecast: Benzene prices are expected to fluctuate slightly in the short term; caution is advised. Monitor cost and demand-side developments. Continue to monitor the impact of crude oil and international market trends, benzene and downstream plant operations, and changes in demand on benzene prices.

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