Price trends

According to the commodity market analysis system of SunSirs, the market price of benzene in the Shandong region fluctuated upward last week. The price stood at 7,434.33 RMB/ton on Monday and 7,494.33 RMB/ton on Friday, marking a weekly increase of 0.81%.

Analysis and Commentary

Galvanized Sheet: Prices for galvanized sheet saw a slight decline this week; as of Friday (August 14), the price stood at 4,110 RMB/ton, marking a 0.243% increase from the previous week but a 5.234% decrease compared to the same period last year. Downstream demand in the coated sheet market remained tepid, resulting in sluggish trading activity.

Analysis of Core Dimensions

benzene: Market trends over the week showed an initial rise followed by a decline; prices climbed steadily from the start of the week through Wednesday but experienced a significant pullback on Thursday. Sinopec refineries in East, South, and Central China raised their benzene prices twice during the week, resulting in a cumulative increase of 350 yuan; the latest price stands at 7,700 RMB/ton, effective August 12. With the standoff between the US and Iran currently in a stalemate, market anxiety has eased, reducing support for benzene prices. In the absence of significant bullish news, the market is consolidating within a narrow range.

Market Outlook

Crude Oil Futures: On August 13, international crude oil futures closed lower. The settlement price for the September contract of U.S. WTI crude oil futures was $81.25 per barrel, a decline of $2.02 (2.4%). The settlement price for the October contract of Brent crude oil futures was $87.07 per barrel, a decline of $1.91 (2.2%).

Overseas benzene: On August 13, the FOB Korea price fell by $2 to $943/tonne, and the CFR China price fell by $1 to $956/tonne. The FOB Rotterdam price rose by $19 to $1,152/tonne, and the FOB USG price rose by 5 cents to 463 cents/gallon.

Overall Outlook: The benzene market is expected to fluctuate within a range in the short term. Market participants are monitoring developments regarding costs and demand. Continued attention should be paid to the impact of crude oil and overseas market trends, the operational status of benzene and downstream units, and shifts in demand on benzene prices.

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