SunSirs: On April 3, 2023, the Domestic Market Dynamics of Toluene
April 04 2023 13:53:18 SunSirs (John)
Summary of Toluene Prices as of April 3, 2023:
Shijiazhuang Petrochemical quoted 7,050 RMB/ton, Qilu Petrochemical quoted 7,050 RMB/ton, Yangba quoted 7,100 RMB/ton, Maoming Petrochemical quoted 7,050 RMB/ton, Guangzhou Petrochemical quoted 7,100 RMB/ton, and Changling Petrochemical quoted 7,200 RMB/ton.
Fluctuation trend:
Analysis review
In terms of crude oil, on the 2nd, OPEC+ member countries suddenly announced a collective reduction in oil production, leading to a significant increase in international oil prices. In October 2022, OPEC announced a production reduction plan of 2 million barrels per day. In February 2023, Russia announced a production reduction plan of 500,000 barrels per day, which will reduce oil supply by a total of 3.66 million barrels per day, accounting for approximately 3.7% of global demand. This was beneficial for the toluene market, with a slight increase in toluene prices on the 3rd day and a 100 RMB/ton increase in toluene prices in South China.
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