Price trend
According to SunSirs' commodity price analysis system, the price of benzene in Shandong province rose last week. On Monday, the price of benzene was 5,303.33 RMB/ton, and on Friday, it was 5,476.67 RMB/ton, representing a 3.27% increase during the week.
Market Analysis
Benzene: Last week, the price of benzene in the Shandong region increased. On January 15, international crude oil futures plummeted, leading to a bearish market sentiment. Overall buying interest from Shandong refineries was weak, and transactions were cautious. Benzene prices in East China remained stable with slight declines. Shandong refineries mostly maintained their prices on January 16.
Last week, Sinopec raised its prices by 200 RMB/ton to 5,500 RMB/ton.
Market Outlook:
Crude Oil Futures: On January 15th, international crude oil futures plummeted. The settlement price for the March contract of US WTI crude oil futures was $59.08 per barrel, a decrease of $2.80 or 4.5%. The settlement price for the March contract of Brent crude oil futures was $63.76 per barrel, a decrease of $2.76 or 4.1%.
International benzene market: On January 15th, FOB South Korea fell by $8 to $699/ton, CFR China fell by $6 to $701/ton, FOB Rotterdam fell by $10 to $797/ton, and FOB US Gulf fell by 1 cent to 285 cents/gallon.
Overall forecast: The benzene market is expected to experience weaker and volatile trading in the short term, with cautious transactions. Market participants will be watching for news regarding costs and demand. Continued attention should be paid to the trends in crude oil and international markets, as well as the dynamics of benzene and downstream facilities, and changes in demand, all of which will influence benzene prices.
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