SunSirs: Overview of the Trend of Benzene in April

Price trend

According to the Commodity Market Analysis System of SunSirs, the market price of benzene has fluctuated and fallen this month. The market price fell in early April, fluctuated and rose in the middle, and fell in the late April. On April 1st, the price was 6,659.67 RMB/ton; On April 29th, the price was 5,785.33 RMB/ton, a decrease of 13.13% from the beginning of the month.

Analysis review

Benzene: The maintenance of a styrene plant in Dongying has affected the local refining market in Shandong, resulting in a decrease in market demand and a significant drop in local refining prices. In addition, the port may mainly accumulate inventory after the holiday. Traders in East China had an unstable mentality and were actively shipping, resulting in continuous price declines. According to the organization, downstream demand was insufficient, market performance was weak, and there was pressure on shipments.

This month, the price of benzene from Sinopec dropped by 750 RMB/ton to 6,000 RMB/ton.

Market outlooks

Crude oil futures: On April 28th, international crude oil futures closed lower. The settlement price of the main contract for WTI crude oil futures in the United States was 62.05 US dollars per barrel, a decrease of 0.97 US dollars per barrel or 1.5%. The settlement price of the main Brent crude oil futures contract was 65.86 US dollars per barrel, a decrease of 1.01 US dollars per barrel or 1.5%.

Benzene abroad trading: FOB Korea fell 21 US dollars to 692 US dollars, CFR China fell 16 US dollars to 715 US dollars, FOB Rotterdam fell 19 US dollars to 650US dollars, FOB Gulf rose 6 US cents to 257 cents/gallon.

Overall expectation: In the short term, the market price of benzene will continue to fluctuate at a low level, and wait and see the news on the cost and demand sides. 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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