SunSirs: The Market Price of Benzene Rose Slightly Last Week (August 4-8)

Price trend

According to the commodity market analysis system of SunSirs, the market price of benzene rose last week. The price of benzene was 6,002 RMB/ton on Monday and 6,142 RMB/ton on Friday, with the price rising by 2.33% during the week.

Analysis review

Benzene: Benzene prices rose last week. New downstream styrene plants had come online, boosting demand for raw materials. Furthermore, a decrease in import cargoes this month had positively impacted the benzene market. However, weak crude oil prices contributed to a strong wait-and-see attitude in the market following the benzene price increase. Affected by crude oil futures, buying sentiment in the benzene market was temporarily weak, leading to cautious trading.

Market outlook

Crude oil futures: On August 7, international crude oil futures closed lower. The September contract for WTI crude oil futures settled at $63.88 per barrel, down $0.47, or 0.7%. The October contract for Brent crude oil futures settled at $66.43 per barrel, down $0.46, or 0.7%.

Benzene prices on the international market: On August 7, FOB Korea prices fell by $5 to $737/ton, while CFR China prices fell by $4 to $750/ton. FOB Rotterdam prices rose by $3 to $724/ton, while FOB US Gulf prices fell by $4 to 271 cents/gal.

Overall forecast: The benzene market will fluctuate slightly in the short term, with cautious trading recommended. Wait and see news on costs and demand. Continue to monitor crude oil and foreign market trends, benzene and downstream plant developments, and demand fluctuations for their impact on benzene prices.

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