Price trend:

According to the commodity market analysis system of SunSirs, the price of benzene in Shandong Province fluctuated upward this month. The price was 5,172 RMB/ton on November 1st; the price was 5,247.67 RMB/ton on November 28th, an increase of 1.46% compared to the beginning of the month.

Market Analysis

Benzene: Domestic benzene market prices rose on November 28. Spot prices in East China remained stable, with market participants showing a positive outlook and the futures market trending upwards. Shipments in Shandong were good recently, boosting market confidence, and local refineries had slightly increased prices. Sinopec's benzene prices at its East and South China refineries remained stable at 5,300 RMB/ton, effective November 5th. The benzene market is expected to fluctuate within a range in the short term, with actual transactions negotiated on a case-by-case basis.

This month, Sinopec lowered its price of benzene by 150 RMB/ton to 5,300 RMB/ton.

Market Outlook:

Crude oil futures: On November 27, international crude oil futures rose. The US futures market was closed for Thanksgiving. The February Brent crude oil futures contract settled at $62.87 per barrel, up $0.33 or 0.5%.

International benzene market: On November 27th, international benzene prices were as follows: FOB Korea rose by $2 to $654/ton, CFR China rose by $1 to $665/ton. FOB Rotterdam remained stable at $720/ton, while FOB US Gulf Coast was closed.

Overall, the benzene market is expected to fluctuate within a range in the short term, with investors awaiting news on the cost and demand sides. Continued monitoring of crude oil and international market trends, the dynamics of benzene and downstream plants, and changes in demand will significantly impact benzene prices.

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