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According to the commodity market analysis system of SunSirs, the market price of benzene in the Shandong region experienced a sharp decline last week. The price stood at 9,911 RMB/ton on Monday and fell to 8,336.67 RMB/ton by Friday, representing a decrease of 15.88% over the week.
Market Analysis
Benzene: The market price of benzene in the Shandong region experienced a sharp decline last week. Following the U.S. midterm elections—in which the Democratic Party secured majorities in both the House of Representatives and the Senate—U.S. media outlets suggested a possible easing of tensions between the U.S. and Iran. This led to a temporary reduction in concerns regarding supply risks, triggering a significant drop in international crude oil prices. Dragged down by this decline in global oil prices, the price of benzene fell sharply. Throughout the week, Sinopec refineries in East, South, and Central China lowered their benzene prices to five consecutive days, resulting in a cumulative reduction of 1,800 yuan, bringing the price to 8,500 yuan per metric ton, efficiently November 6.
Market outlook
Crude Oil Futures: On November 5, international crude oil futures closed higher. The settlement price to the December contract of U.S. WTI crude oil futures was $90.52 per barrel, an increase of $2.40, or 2.7%. The settlement price to the January contract of Brent crude oil futures was $98.29 per barrel, an increase of $3.67, or 3.9%.
External Market benzene: On November 5, the price to FOB South Korea fell by $59 to $1,030/ton, while the price to CFR China dropped by $58 to $1,054/ton. FOB Rotterdam declined by $86 to $1,097/ton, and FOB USG fell by 2 cents to 355 cents/gallon.
Overall Outlook: while crude oil prices have rebounded today, purchasing interest in the benzene market remains cautious, leaving the possibility of further price declines. Market participants are advised to monitor developments regarding costs and demand. Continued attention should be paid to trends in crude oil and external markets, the operational status of benzene and downstream production facilities, and shifts in demand, as these factors will affect benzene prices.
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