Price trend

According to SunSirs' commodity price analysis system, the price of benzene in Shandong province fell this month. On January 1st, the price was 5,268.67 RMB/ton; on January 29th, the price was 6,070 RMB/ton, an increase of 15.21% compared to the beginning of the month.

Market analysis

Benzene: On January 29, the domestic benzene market price increased. The rise in international crude oil futures and the increase in overseas benzene prices boosted confidence in the domestic benzene market, leading to active buying and a continued upward trend in benzene prices. Benzene refineries in Shandong were encouraged by the rising oil prices and offered significant price increases. Sinopec's refineries in East and South China maintained their benzene prices at 6,000 RMB/ton, effective January 28th. The benzene market is expected to remain stronger in the short term.

This month, Sinopec's benzene price increased by 700 RMB/ton to 6,000 RMB/ton.

Market outlook

Crude Oil Futures: On January 28th, international crude oil futures rose. The settlement price for the March contract of US WTI crude oil futures was $63.21 per barrel, an increase of $0.83 or 1.2%. The settlement price for the April contract of Brent crude oil futures was $67.37 per barrel, an increase of $0.78 or 1.2%.

International Benzene Market: On January 28th, FOB South Korea rose by $11 to $761/ton, and CFR China rose by $12 to $763/ton. FOB Rotterdam fell by $1 to $916/ton, and FOB US Gulf remained stable at 284 cents/gallon.

Overall forecast: The benzene market is expected to remain stronger in the short term, with market participants watching for news regarding costs and demand. Continue to monitor crude oil and international market trends, as well as the dynamics of benzene and downstream facilities, and changes in demand, for their impact on benzene prices.

If you have any inquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.