SunSirs: Domestic Market Dynamics of Toluene on March 8, 2023
March 09 2023 13:26:24 SunSirs (John)
Summary of toluene price on March 8, 2023:
Shijiazhuang Refining and Chemical quoted 7,400 RMB/ton, Qilu Petrochemical quoted 7,400 RMB/ton, Yangba quoted 7,300 RMB/ton, Changling Refining and Chemical quoted 7,450 RMB/ton, and Maoming Petrochemical quoted 7,250 RMB/ton.
Fluctuation trend:
Analysis review
In terms of crude oil, Saudi Arabia said that the OPEC+ 2 million barrels/day production reduction agreement would be implemented until the end of this year; The interest rate increase of the Federal Reserve was bad for oil prices, and the international oil price fell significantly on Tuesday. Investors were worried that further interest rate increases by central banks in Europe and the United States would slow economic growth and drag down the prospects of crude oil demand. At the same time, the strengthening of the US dollar would also depress oil prices. On the other hand, the market was generally optimistic about the expectation of crude oil demand in Asia. It is expected that there is room for oil prices to rebound, boosting the toluene market. The toluene spot supply is tight, and the price continues to be strong.
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