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Trend Analysis
According to the commodity market analysis system of SunSirs, the market price of benzene in the Shandong region rose last week. The price stood at 9,684.33 RMB/ton on Monday and 9,857.67 RMB/ton on Friday, marking an increase of 1.79% over the week.
Market analysis
Benzene: Market prices to benzene in the Shandong region rose last week. On Thursday, Sinopec raised its ex-factory prices to benzene by 300 RMB/ton across its East, South, and Central China refineries, bringing the latest price to 9,900 RMB/ton, efficiently September 24. International crude oil futures closed higher yesterday, driven by the fact that traffic volume through the Strait of Hormuz has dropped to single digits. This boosted market confidence regarding domestic benzene, leading to a rise in prices over the week.
Market outlook
Crude Oil Futures: International crude oil futures closed higher on September 23. The settlement price to the November contract of U.S. WTI crude oil futures was $92.16 per barrel, an increase of $1.64 or 1.8%. The settlement price to the December contract of Brent crude oil futures was $95.41 per barrel, an increase of $2.71 or 2.8%.
Offshore benzene: On September 23, FOB Korea fell $19 to $1,138/tonne, and CFR China dropped $17 to $1,159/tonne. FOB Rotterdam declined $14 to $1,317/tonne, while FOB USG remained steady at 568 cents/gallon.
Overall Outlook: Benzene prices are expected to fluctuate with an upward bias in the short term. Market participants are advised to monitor 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 facilities, and shifts in demand on benzene prices.
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