SunSirs: Benzene Prices Continue to Decline Last Week (April 21-25)

Price trend

According to the Commodity Market Analysis System of SunSirs, the price of benzene had continued to decline last week. On Monday, the price of benzene was 6,385.33 RMB/ton, and on Friday, it was 6,152 RMB/ton, with a price drop of 3.65% during the week.

Analysis review

Benzene: The price of benzene had continued to decline last week. The domestic benzene market lacked buying momentum, and the trading atmosphere on the exchange was still mainly focused on filling short positions. Downstream product profits declined, operating loads had decreased, and there was insufficient demand for benzene. The demand for purchasing gas was average, and the price of local refineries in Shandong had been lowered to stimulate short supply and purchase of goods at low prices.

Last week, the price of Sinopec remained stable at 6,200 RMB/ton.

Market outlook

Crude oil futures: On April 24th, international crude oil futures rose. The settlement price of the main contract for WTI crude oil futures in the United States was 62.79 US dollars per barrel, an increase of 0.52 US dollars per barrel or 0.8%. The settlement price of the main Brent crude oil futures contract was 66.55 US dollars per barrel, an increase of 0.43 US dollars per barrel or 0.7%.

On April 24th, FOB Korea fell by 12 US dollars to 723 US dollars per ton, CFR China fell by $12 US dollars to 739 US dollars per ton, FOB Rotterdam fell by 5 US dollars to 670 US dollars per ton, and FOB Gulf fell by 2 cents to 251 US cents per gallon.

Overall forecast: The benzene market is still weak in the short term, and wait and see the cost and demand news. Continue to monitor the trends of crude oil and external markets, as well as the impact of changes in benzene and downstream equipment dynamics and demand on the price of benzene.

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