Price trends

According to the commodity market analysis system of SunSirs, the market price of benzene in the Shandong region declined last week. The price stood at 7,501 RMB/ton on Monday and 7,401 RMB/ton on Friday, representing a weekly decrease of 1.33%.

Market Analysis

Benzene: Market prices for benzene in the Shandong region fell last week. During the week, Sinopec lowered its ex-factory prices for benzene twice across its East, South, and Central China refineries, resulting in a cumulative reduction of 650 RMB/ton; as of August 7, the price stood at 7,350 RMB/ton. While the rise in crude oil closing prices on August 6 provided some market support, sluggish shipments and inventory accumulation at independent refineries in Shandong—combined with cautious buying interest—suggest that benzene prices will likely fluctuate within a narrow range in the short term.

Market Outlook

Crude Oil Futures: On August 6, international oil prices rebounded significantly. NYMEX WTI crude oil futures for September delivery settled at $77.29 per barrel, up $2.07 (2.75%) from the previous day; ICE Brent crude oil futures for October delivery settled at $82.49 per barrel, up $3.04 (3.83%).

Overseas benzene: On August 6, FOB Korea prices rose by $5 to $894/tonne, and CFR China prices rose by $5 to $906/tonne. FOB Rotterdam prices fell by $29 to $1,068/tonne, while FOB USG prices dropped by 11 cents to 427 cents/gallon.

Overall Outlook: In the short term, the benzene market is expected to adopt a wait-and-see approach, with prices fluctuating within a narrow range. Market participants are monitoring developments regarding costs and demand. Continued attention should be paid to trends in crude oil and overseas markets, the operational status of benzene and downstream units, and changes in demand, as these factors will influence benzene prices.

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