Price trend
According to the monitoring data of SunSirs, pure benzene rose during the National Day holiday. On September 30, the price of pure benzene was 7,850-8,200 RMB/ton (average price 7,917 RMB/ton), and on October 11, the price was 8,200-8,400 RMB/ton (average price 8,284 RMB/ton), up 4.63% from the price before the festival and down 2.31% from the same period last year.
Analysis review
Due to the strong rise of crude oil during the holiday period and the rise of pure benzene in Asia, the domestic pure benzene market was boosted. During the National Day holiday, the market in East China was closed, and the local refining enterprises in Shandong had a good shipment and prices rose. After the festival, Sinopec raised the listing price of pure benzene twice, up 350 RMB/ton to 8,200 RMB/ton (some refineries in North China increased to 8,250 RMB/ton).
In terms of external market, the reference price of pure benzene in the Korean market on October 7 was 919 US dollars/ton, up 32 US dollars/ton or 3.61% compared with that before the festival; The reference import price in East China was 937 US dollars/ton, up 20 US dollars/ton or 2.18% compared with that before the festival.
In terms of crude oil, the OPEC+ meeting decided to cut the output by 2 million barrels per day from November on the basis of that in August. The decision of OPEC+ to significantly reduce the output was good for the crude oil market, and international oil prices rose for five consecutive days. As of October 7, Brent prices rose by 9.96 dollars/barrel, or 11.32%; WTI rose by 13.15 dollars/barrel, or 16.54%.
In the downstream, except for maleic anhydride, the prices of most downstream products increased to varying degrees.
Market outlook
The downstream demand for pure benzene has been repaired, and the price is relatively strong in the short term supported by crude oil. However, after the arrival of imported pure benzene, the port inventory continued to accumulate. If crude oil falls, pure benzene may weaken.
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