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Home - News - Brief Description of the Trend of Pure Benzene in January (January 1- 28)

Brief Description of the Trend of Pure Benzene in January (January 1- 28)

January 30, 2023

Price trend

According to the monitoring data of SunSirs, pure benzene fell in shock this month. On January 1, the price was 6,550-6,850 RMB/ton (the average price was 6,700 RMB/ton); On January 28, the price was 6,850-7,200 RMB/ton (the average price was 7,025 RMB/ton), up 4.63% this month, and up 1.64% from the same period last year.

Analysis review

This month, the pure benzene market was hit by a variety of bad news, and the price fell in shock. 1、 Crude oil fell broadly and cost was negative. 2、 The Asian-American arbitrage window was closed, and the price of pure benzene in China was high, so the import volume of pure benzene in January was high. And the overall supply of pure benzene was sufficient. 3、 Downstream profitability was poor, styrene continued to decline, and the market had a common interest in the purchase of pure benzene, which was dragged down by the demand side.

This month, Sinopec's price of pure benzene was increased by 350 RMB/ton to 6,850 RMB/ton.

Market outlook

On the cost side (crude oil), the price ceiling of crude oil exports from the West to Russia has not been finalized. In addition, the epidemic prevention and control in some parts of Asia have affected demand. The Federal Reserve still has expectations of raising interest rates, and the future oil price trend is under pressure. However, OPEC's policy of reducing production may boost oil prices to some extent, and it is expected that the international oil price will continue to play a long and short game. In the future, continue to pay attention to the impact of the geopolitical situation, the latest OPEC+ capacity policy, the US crude oil and refined oil storage dynamics, and the global economic situation on the crude oil price.

The short-term weakness of fundamentals is hard to change. The East China Port is expected to continue to accumulate, with sufficient supply on the market, and the short-term trend of pure benzene continues to be weak. It should to wait and see whether the cost and demand sides can improve. Continue to pay attention to the impact of crude oil and external market trends, the dynamics of pure benzene and downstream devices, and changes in demand on the price of pure benzene.