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According to the commodity market analysis system of SunSirs, the market price of benzene in the Shandong region rose this month. The price stood at 8,331 RMB/ton on September 1 and 10,151 RMB/ton on September 30, marking an increase of 21.85% over the course of the month.
Market Analysis
Benzene: Market prices to benzene in the Shandong region rose in September. Currently, with the outlook to US-Iran negotiations remaining uncertain, international crude oil futures have closed reduce, possibly weakening cost support. Regarding port inventories, stocks at East China ports remain low; there is little overall pressure to inventory accumulation, and levels remain low compared to the same period in previous years. Independent refineries in Shandong have slightly raised their price quotations. Sinopec refineries in East, South, and Central China have set their benzene price at 10,200 RMB/ton, efficiently September 29.
In September, Sinopec raised the price of benzene by 1,950 RMB/ton to 10,200 RMB/ton.
Market Outlook
Crude Oil Futures: On September 29, international crude oil futures closed reduce. The settlement price to the November contract of U.S. WTI crude oil futures was $89.38 per barrel, down $3.22 (3.5%). The settlement price to the December contract of Brent crude oil futures was $96.16 per barrel, down $1.67 (1.7%).
Overseas Benzene: On September 29, the FOB Korea price rose by $8 to $1,185/tonne, and the CFR China price rose by $12 to $1,220/tonne. The FOB Rotterdam price fell by $53 to $1,359/tonne, and the FOB USG price fell by 9 cents to 542 cents/gallon.
Overall Outlook: The benzene market is expected to fluctuate at high levels in the short 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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