SunSirs: Summary of the Trend of Benzene in June (June 1-30)

Price trend

According to the Commodity Market Analysis System of SunSirs, the market price of benzene in Shandong Province first rose and then fell this month. The market price rose sharply in early month, continued to rise in the mid month, and fell sharply in the late month. On June 1st, the price was 5,735.33 RMB/ton; On June 30th, the price was 5,952 RMB/ton, an increase of 3.78% from the beginning of the month.

Analysis review

Benzene: On June 30th, the benzene market price performance was mainly stable and consolidated. Although the styrene futures market fell in the morning, the atmosphere of benzene on the exchange remained stable and had a certain degree of resistance to decline. The price on the exchange mainly fluctuated slightly within the range. The atmosphere inside the Shandong refinery was relatively light. East China ports continued to accumulate inventory, with average market performance. Overall, businesses were relatively cautious, with market prices mainly operating at a standstill.

This month, Sinopec raised the price of benzene by 150 RMB/ton to 6,100 RMB/ton.

Market outlook

Crude oil futures: On June 27th, international crude oil futures closed slightly higher. The settlement price of the August WTI crude oil futures contract in the United States was $65.52 per barrel, an increase of $0.28 or 0.4%. The settlement price of Brent crude oil futures for September was $66.80 per barrel, an increase of $0.04.

Benzene trading: On June 27th, FOB Korea rose by $2 to $723 per ton, while CFR China rose by $3 to $740 per ton. FOB Rotterdam rose by $19 to $710 per ton, while FOB US Gulf remained stable at 261 cents per gallon.

Overall expectation: In the short term, the benzene market will continue to operate steadily and fluctuate, please wait and see for 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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