SunSirs: Brief Overview of Benzene Market Trends in April

Price Trends

According to the commodity market analysis system of SunSirs, the benzene market in the Shandong region this month was characterized primarily by price fluctuations within a specific range, though overall, prices registered a slight increase. On April 1, the price stood at 8,553.33 RMB/ton; by April 30, the price had reached 8,636.67 RMB/ton—an increase of 0.97% compared to the beginning of the month.

Market analysis

Benzene: On April 30, domestic benzene market prices rose. International crude oil futures continued their upward trend, and benzene futures also advanced; this futures-led momentum stimulated the spot market and bolstered market confidence, resulting in a continued slight increase in benzene prices at independent refineries in Shandong. Sinopec's refineries across East and South China raised their benzene prices by 150 RMB/ton, setting the new effective price at 8,850 RMB/ton, effective as of April 30. The benzene market is expected to exhibit strong, fluctuating performance in the short term.

This month, Sinopec lowered its benzene price by 150 RMB/ton to 8,850 RMB/ton.

Market outlook

Crude Oil Futures: On April 29, international crude oil futures surged significantly. The settlement price for the June contract of U.S. WTI crude oil futures stood at $106.88 per barrel, an increase of $6.95, or 6.9%. The settlement price for the June contract of Brent crude oil futures stood at $118.03 per barrel, an increase of $6.77, or 6.1%.

International Benzene: On April 29, FOB Korea rose by $9 to $1,119/ton, and CFR China rose by $9 to $1,112/ton. FOB Rotterdam fell by $6 to $1,262/ton, while FOB USG rose by 8 cents to 454 cents/gallon.

Overall Outlook: Influenced by the conflict in the Middle East and the ongoing standoff between the U.S. and Iran, general market sentiment regarding benzene is expected to remain bullish in the short term. However, it remains advisable to adopt a wait-and-see approach regarding developments on both the cost and demand fronts. Market participants should continue to closely monitor trends in crude oil and overseas markets, as well as the impact of operational updates at benzene and downstream facilities—along with shifts in demand—on benzene pricing.

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