1、 Price trend
This week, the market price of pure benzene in Shandong has risen. On Monday, the price of pure benzene was 8774.33 yuan/ton, and on Friday, it was 9834.33 yuan/ton, with a price increase of 12.08% during the week.
2、 Market analysis
Pure benzene: The market price of pure benzene in Shandong has risen significantly this week. During the week, Sinopec’s refineries in East China, South China, and Central China have significantly increased the price of pure benzene for the second time in a row, with a cumulative increase of 850 yuan. The latest price of pure benzene is 9900 yuan/ton, which will be implemented on September 10th. The current situation between the United States and Iran has escalated, and due to the global inventory consumption caused by the Iran conflict, the US Energy Information Administration has raised its oil price forecast for the next two years. The strong rise in international crude oil futures has provided strong support for pure benzene, leading to a significant increase in pure benzene prices during the week. But if pure benzene rises too quickly, the risk also increases, and downstream demand for pure benzene is weak, causing most buyers to leave.
3、 Future forecast
Crude oil futures: On September 10th, international crude oil futures surged. The settlement price of the October WTI crude oil futures contract in the United States was $102.48 per barrel, an increase of $6.43 or 6.7%. The settlement price of Brent crude oil futures in November was $107.63 per barrel, an increase of $6.42 or 6.3%.
Foreign pure benzene: On September 10th, FOB Korea rose by 39 to 1212 US dollars/ton, and CFR China rose by 40 to 1239 US dollars/ton. FOB Rotterdam remained stable at $1226 per ton, while FOB USG rose by 22 to 496 cents per gallon.
Overall forecast: Pure benzene is expected to maintain high volatility in the short term. Observe the cost and demand side news. Continue to monitor the trends of crude oil and external markets, as well as the impact of changes in pure benzene and downstream equipment dynamics and demand on the price of pure benzene.