Price trend

According to SunSirs' commodity price analysis system, the price of benzene in Shandong province fluctuated slightly last week. On Monday, the price of benzene was 6,186.67 RMB/ton, and on Friday, it was 6,196.67 RMB/ton, representing a 0.16% increase during the week.

Market Analysis

Benzene: Last week, the benzene market price in Shandong province fluctuated slightly. On February 5th, international crude oil futures fell, leading to a bearish sentiment in the benzene market. As of February 6, the overall performance of chemical products was weak, and confidence in the benzene market had weakened. Buying interest from Shandong refineries was generally weak, and transactions were cautious. On February 6th, most Shandong refineries maintained stable prices, while the East China market remained weak but stable.

Last week, Sinopec raised its prices by 200 RMB/ton to 5,500 RMB/ton.

Market outlook

Crude Oil Futures: On February 5th, international crude oil futures fell. The settlement price for the March contract of US WTI crude oil futures was $63.29 per barrel, a decrease of $1.85 or 2.8%. The settlement price for the April contract of Brent crude oil futures was $67.55 per barrel, a decrease of $1.91 or 2.8%.

Overseas Benzene Market: On February 5th, overseas benzene prices were as follows: FOB South Korea fell by $4 to $776/ton, CFR China fell by $5 to $776/ton. FOB Rotterdam fell by $6 to $888/ton, and FOB US Gulf remained stable at 289 cents/gallon.

Overall forecast: The benzene market is expected to fluctuate in the short term, with cautious trading activity. Market participants will be watching for news regarding costs and demand. Continued attention should be paid to crude oil and international market trends, as well as the dynamics of benzene and downstream facilities, and changes in demand, as these will influence benzene prices.

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