SunSirs: The Price of Pure Benzene Has Slightly Increased This Week (July 31- August 4)
August 04 2023 14:47:16 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, the price of pure benzene has slightly increased this week. On July 31st, the price of pure benzene was 7,287 RMB/ton, and on Friday (August 4th), the price of pure benzene is 7,670 RMB/ton, an increase of 6.08% compared to last week and a decrease of 9.94% compared to the same period last year.
Analysis review
This week, the price of Sinopec pure benzene increased to 7,600 RMB/ton (prices in Shandong and Hebei regions have also increased by 400 RMB/ton)
Market outlook
Yesterday night, pure benzene traded sideways at around 7,600 RMB/ton, but the rebound in crude oil supported the sentiment. It is expected that East China will consolidate horizontally in the morning.
Saudi Arabia will extend its voluntary production reduction of 1 million barrels per day until September, and Russia has also promised to continue cutting supply in September, leading to an increase in international oil prices. NYMEX crude oil futures contract 09 rose by 2.06 US dollars per barrel or 2.59% to 81.55 US dollars per barrel; ICE oil futures contract 10 rose by1.94 er barrel, or 2.33%, at $85.14 per barrel. The main contract for China INE crude oil futures, 2309, fell 7.7 yuan to 612.6 yuan/barrel, and rose 9.0 yuan to 621.6 yuan/barrel in overnight trading.
Core logic: Yesterday, East China fell to 7,490-7,610 RMB/ton, while Shandong rose to 7,700-7,800 RMB/ton. East China traders took profits, increased market circulation, and buying retreated. The inventory of Shandong Refinery is low, and the quotation continues to rise, resulting in a light market negotiation atmosphere.
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- 2023-10-16 SunSirs: Weekly Report on Benzene Market
- 2023-10-10 SunSirs: On October 9, 2023, the Domestic Market Dynamics of Pure Benzene
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