SunSirs: Last Week, the Market Price of Benzene Rose (August 11-15)

Price trend

According to the SunSirs commodity market analysis system, benzene prices rose first and then fell last week, but overall prices rose. Benzene prices were 6,142 RMB/ton on Monday and 6,215.33 RMB/ton on Friday, a 1.19% increase for the week.

Analysis review

Benzene: Last week, benzene market prices initially rose before falling, but overall prices rose. Benzene import cargoes decreased, keeping spot prices firm. On August 12, Sinopec's East China and South China refineries raised benzene prices to 6,150 RMB/ton. However, the market lacked confidence in continued price increases, with insufficient follow-through and a somewhat stagnant trading atmosphere. Shandong local refineries adjusted prices slightly downwards.

Market outlook

Crude oil futures: On August 14, international crude oil futures rose. The September contract for U.S. WTI crude oil futures settled at $63.96 per barrel, up $1.31, or 2.1%. The October contract for Brent crude oil futures settled at $66.84 per barrel, up $1.21, or 1.8%. Expectations of a Federal Reserve interest rate cut were stimulating oil demand.

Benzene prices on the international market: On August 14, FOB Korea prices fell by $1 to $733/ton, while CFR China prices fell by $2 to $749/ton. FOB Rotterdam prices rose by $14 to $734/ton, while FOB US Gulf prices fell by $1 to 268 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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