SunSirs: International Crude Oil Prices Rose, while China Mineral oil Prices Fluctuated and Strengthened
April 15 2024 10:33:10 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, as of April 11th, the average price of mineral oil in the market was 8,433 RMB/ton, and on April 3rd, the average price of mineral oil in the market was 8,400 RMB/ton, with a price increase of 0.4%.
In terms of cost: After three consecutive increases in international oil prices last week, international oil prices have continued to rise after experiencing a downward adjustment and consolidation this week. The continuous rise of crude oil has boosted market sentiment and created a strong bullish atmosphere.
In terms of supply and demand, due to the weak economic situation, there has not been a significant improvement in the downstream demand side. After the price increase at the beginning of the month, some large manufacturers of light mineral oil did not make any price adjustments last week. A refinery in Shandong has raised the price of industrial mineral oil this week.
Although terminal orders did not improve significantly last week, it is expected that the overall trend of mineral oil in April will be stronger and cost support will be stronger due to stable upstream supply and significant cost drivers.
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- 2024-04-07 SunSirs: Regular Replenishment before Qingming Festival, China mineral oil market was Stable
- 2024-04-01 SunSirs: China Mineral oil Market Fluctuated and Fell in March
- 2024-03-26 SunSirs: Market Benefits are Difficult to Sustain, China Mineral Oil Prices are Weak and Consolidating
