1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, the market price of pure benzene first rose and then fell this week, and overall the price has increased. On Monday, the price of pure benzene was 6142 yuan/ton, and on Friday it was 6215.33 yuan/ton, with a price increase of 1.19% during the week.
2、 Market analysis
Pure benzene: This week, the market price of pure benzene first rose and then fell, and overall the price has increased. The quantity of imported shipments of pure benzene has decreased, while the spot prices in the market remain firm. On August 12th, the pure benzene prices of Sinopec’s refineries in East and South China were raised to 6150 yuan/ton. However, the market lacks confidence in the continued upward trend in the future, and there is insufficient follow-up of buying orders. The overall trading atmosphere is somewhat stagnant, and the price of Shandong local refining has slightly decreased.
Downstream aspects
3、 Future forecast
Crude oil futures: On August 14th, international crude oil futures rose. The settlement price of the September WTI crude oil futures contract in the United States was $63.96 per barrel, an increase of $1.31 or 2.1%. The settlement price of Brent crude oil futures for October was $66.84 per barrel, an increase of $1.21 or 1.8%. The expectation of the Federal Reserve cutting interest rates stimulates oil demand.
Foreign pure benzene: On August 14th, FOB Korea fell by 1 to 733 US dollars per ton, and CFR China fell by 2 to 749 US dollars per ton. FOB Rotterdam rose 14 to $734 per ton, while FOB US Gulf fell 1 to 268 cents per gallon.
Overall expectation: The pure benzene market is expected to experience slight fluctuations in the short term, with cautious trading. 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.