Price trends

According to the commodity market analysis system of SunSirs, the market price of benzene in the Shandong region rose last week. The price stood at 7,751 RMB/ton on Monday and 8,187.67 RMB/ton on Friday, marking a 5.63% increase over the week.

Market Analysis

Benzene: Market prices for benzene in the Shandong region rose last week. During the week, Sinopec raised its ex-factory prices for benzene twice across its East, South, and Central China refineries, resulting in a cumulative increase of 550 yuan; the latest price stands at 8,250 RMB/ton, effective August 21. Heightened tensions between the U.S. and Iran have driven up international oil prices, providing strong support for benzene and bolstering its market trend. On August 21, independent refineries in Shandong primarily quoted prices that remained stable or saw slight increases.

Market outlook

Crude Oil Futures: International crude oil futures closed higher on August 20. The settlement price for the October contract of U.S. WTI crude oil futures was $86.83 per barrel, an increase of $2.44 or 2.9%. The settlement price for the October contract of Brent crude oil futures was $93.78 per barrel, an increase of $2.16 or 2.4%.

Offshore benzene: On August 20, the FOB Korea price rose by $7 to $1,017/tonne, and the CFR China price rose by $9 to $1,031/tonne. The FOB Rotterdam price increased by $27 to $1,179/tonne, and the FOB USG price rose by 9 cents to 481 cents/gallon.

Overall Outlook: Benzene prices are expected to fluctuate at high levels 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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