Price fluctuation of domestic main hydrobenzene market before and after Spring Festival in February 2021 (unit: yuan / ton)
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Region, price on February 1, price on February 5, price on February 8, price on February 19
East China, 4650-4800, 5100-5200, 5300-5400, 5850-5950, + 1175
In February 2021, the market price of hydrobenzene in East China rose to 5350 yuan / ton before the festival and 5900 yuan / ton after the festival. During the Spring Festival, the price rose by 550 yuan / ton, with a cumulative rise of 1175 yuan / ton this month.
Summary of price adjustment of Sinopec’s pure benzene in 2021 (unit: yuan / ton)
Date, adjusted price, adjusted amount
January 7, 4550, + 150
January 11, 4650, + 100
January 30, 4850, + 200
February 4, 5150, + 150
February 7, 5400, + 250
February 18, 5800, + 400
Before and after the Spring Festival, Sinopec’s listed price of pure benzene was increased twice, with a total increase of 650 yuan / ton. After the adjustment, RMB 5800 / T will be implemented, of which RMB 5750 / T will be implemented by Qilu Petrochemical Co., Ltd., and RMB 800 / T will be increased in February.
During the Spring Festival holiday, affected by the historical extremely cold weather in the United States, the crude oil production in the United States is expected to drop by more than 40%, and the international oil price rises accordingly. A number of pure benzene plants in the United States were also affected by the bad weather and stopped unscheduled. During the holidays, the pure benzene external market and downstream styrene external market rose sharply. Under the macro favorable blessing, the main domestic traders and petrochemical enterprises have followed the rise after the opening of the festival, and the market price has increased significantly. On the 18th, the domestic chemical futures market made a good start, with pure benzene and styrene, the main downstream product, rising by more than 14%. Immediately, Sinopec raised the price of pure benzene by 400 yuan / ton, and implemented 5800 yuan / ton. However, as the holiday has just ended, there are still some traders who have not yet returned, and the market quotation is still low. In terms of port inventory, the inventory in East China is maintained at 200000 tons, which is lower than the previous period.
As a whole, the current round of increase actually started at the end of January. After the failure of the restart of the plant, the annual output of 480000 tons of the plant will be extended to the end of February, one month later than the expected start-up time. The whole February has a certain impact on the market supply, and the downstream purchasers of CICC are mainly long-term contract customers concentrated in East China. Under the favorable factors of the expected supply reduction in the future market, the market transaction and investment in the whole East China region surged, and some customers increased the purchase volume before the festival, resulting in a large increase in demand in a short period of time, and the market price in the East China region continued to rise. As a substitute for pure benzene, the trend of hydrogenated benzene is basically the same as that of pure benzene. Driven by the price of pure benzene and the improvement of purchasing enthusiasm in East China, the market of hydrogenated benzene has been rising all the way. As of press release, the active quotation of hydrogenated benzene in East China is less, and the ex factory price in Hebei has risen sharply, so it is difficult to find low-cost goods.
The downstream unit of pure benzene has a good start-up in the near future, there is no obvious maintenance plan, and the demand for pure benzene and hydrobenzene is good.
The business community believes that the current pure benzene market has reached a high level in nearly a year. Affected by multiple positive factors, the price is mainly volatile in the short term. The market expects that April will be the peak period for the maintenance of pure benzene units in traditional places, and the demand for hydrogenated benzene will be increased to a certain extent. It is expected that the price will still have upward space under the dual support of macro positive and future demand.
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