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According to the commodity market analysis system of SunSirs, the market price of benzene in the Shandong region first rose and then fell this month, though the overall trend was upward. The price stood at 6,753.33 RMB/ton on July 1 and 7,767.67 RMB/ton on July 31, marking a 15.02% increase over the course of the month.
Market analysis
Benzene: Market prices in the Shandong region rose and then fell this month, though the overall direction was upward. Tensions between the US and Iran have temporarily eased, and international crude oil futures closed reduce, dragging down benzene futures prices. Regarding port activity, a levels of imports has led to inventory accumulation. Independent refineries in Shandong are offering price concessions to secure deals, while Sinopec has set its benzene price at 7,900 RMB/ton to its refineries in East, South, and Central China, efficiently July 28.
Sinopec raised its benzene price by 1,200 RMB/ton to 7,900 RMB/ton this month.
Market Outlook:
Crude Oil Futures: On July 30, international crude oil futures closed reduce. The settlement price to the September contract of U.S. WTI crude oil futures was $83.59 per barrel, down $0.87 (1.0%). The settlement price to the October contract of Brent crude oil futures was $86.88 per barrel, down $1.21 (1.4%).
Overseas benzene: On July 30, overseas benzene prices were as follows: FOB Korea rose by $17 to $961/tonne, and CFR China rose by $17 to $979/tonne. FOB Rotterdam remained stable at $1,233/tonne, and FOB USG remained stable at 433 cents/gallon.
Overall Outlook: The benzene market is expected to fluctuate within a range in the near term. Market participants should continue to monitor developments regarding costs and demand. attention should also 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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