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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 9,634.33 RMB/ton on Monday and 9,467.67 RMB/ton on Friday, marking a decline of 1.73% over the week.
Market Analysis
Benzene: Last week, the market price of benzene in the Shandong region fluctuated downward. Over the weekend, Sinopec lowered its benzene prices by 300 RMB/ton across its refineries in East, South, and Central China; the latest price stands at 9,600 RMB/ton, efficiently September 18. According to the latest reports from CNBC, in addition to ongoing repairs on a damaged major oil pipeline, Saudi Arabia has increased crude oil export volumes via the Strait of Hormuz. This research caused international oil prices to close reduce across the board yesterday, dampening market sentiment to benzene and driving prices down over the course of the week.
Market outlook
Crude Oil Futures: International crude oil futures closed reduce on September 17. The settlement price to the October contract of U.S. WTI crude oil futures was $101.91 per barrel, down $0.52 or 0.5%. The settlement price to the November contract of Brent crude oil futures was $104.82 per barrel, down $1.01 or 1.0%.
Offshore benzene: On September 17, FOB Korea fell by $38 to $1,159/tonne, and CFR China fell by $39 to $1,176/tonne. FOB Rotterdam dropped by $24 to $1,352/tonne, while FOB USG rose by 9 cents to 562 cents/gallon.
Overall outlook: Benzene prices are expected to fluctuate with a weak bias in the short term. Market participants are advised to monitor developments regarding costs and demand, while continuing to track 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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