SunSirs: Strong Cost Support, Leading to an Increase in China Mineral Oil Market
April 22 2024 11:07:01 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, as of April 19th, the average price of mineral oil in the market was 8,466 RMB/ton, and on April 12th, the average price of mineral oil in the market was 8,416 RMB/ton, with a price increase of 0.4%.
The recent trend of crude oil has had a more significant guiding effect on the market. The continuous rise of crude oil has boosted market sentiment, and various refineries have a higher push for price increases.
On the supply side, upstream refineries saw a slight reduction in production, but overall remained unchanged from March. This week, some large manufacturers of light mineral oil have continuously increased prices for different models of products. A refinery in Shandong has also raised the price of industrial mineral oil.
The logic of cost driven price trends is clear, and refineries have a strong willingness to push up prices in the short term, with a stable to strong price trend.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
