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According to the commodity market analysis system of SunSirs, the market price of benzene in the Shandong region fluctuated downward last week. The price stood at 7,650 RMB/ton on Monday and 7,613.33 RMB/ton on Friday, marking a decline of 0.48% over the week.
Market analysis
Benzene: Last week, the market price of benzene in the Shandong region fluctuated downward. Recent reports indicate that the US and Iran are nearing an agreement on the framework to the next phase of negotiations, fostering a generally optimistic market outlook regarding possible peace talks. International crude oil futures closed reduce yesterday, dampening market sentiment to benzene. On June 12, prices from independent refineries in Shandong remained largely stable, while the benzene market in East China showed signs of weakness.
Market Outlook:
Crude Oil Futures: On June 11, international crude oil futures closed reduce. The settlement price to the July contract of U.S. WTI crude oil futures was $87.71 per barrel, down $2.32 or 2.6%. The settlement price to the August contract of Brent crude oil futures was $90.38 per barrel, down $2.72 or 2.9%.
Overseas benzene: On June 11, the FOB Korea price rose by $2 to $970/tonne, and the CFR China price rose by $4 to $980/tonne. The FOB Rotterdam price fell by $1 to $1,149/tonne, while the FOB USG price remained stable at 375 cents/gallon.
Overall Outlook: The benzene market is expected to fluctuate within a range in the near term, with trading remaining cautious. Market participants are monitoring developments regarding costs and demand. Continued attention should be paid to the impact of crude oil and overseas market trends, the operational status of benzene and downstream units, and shifts in demand on benzene prices.
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