1、 Price trend

According to the Commodity Market Analysis System of Business Society, the price of pure benzene has slightly increased this month and has been continuously rising since the beginning of the month. On February 1st, the price was 7967 yuan/ton; On February 29th, the price was 562 yuan/ton, an increase of 7.46% from the beginning of the month and 20.54% from the same period last year.

2、 Analysis and Review

Pure benzene: Yesterday, discussions on pure benzene in East China opened high and closed low, leading to a decrease in the prices of main units and a significant decline in the styrene market. The business owners were panicked, and large holders offered to sell at a discounted price, resulting in few transactions. Shandong Refinery’s offer remained stable. Some downstream companies entered the market for purchasing within the day, with continued buying momentum and good transactions. Night trading saw a rebound in buying gas for pure benzene at a low level, but crude oil slightly declined. It is expected that pure benzene in East China will be weakly consolidated in the morning.

This month, the price of Sinopec pure benzene increased by 550 yuan/ton to 8550 yuan/ton.

Downstream aspect

3、 Future Market Forecast

Crude oil: US commercial crude oil inventories continue to grow, but OPEC+is considering extending the production reduction period, resulting in mixed fluctuations in international oil prices. The NYMEX crude oil futures 04 contract fell by 0.33 US dollars per barrel or 0.42% to 78.54 US dollars per barrel; ICE oil futures 04 contract rose by 0.03 USD/barrel or 0.04% to 83.68 USD/barrel. The main contract of China INE crude oil futures, 2404, rose 7.5 yuan/barrel to 605.5 yuan/barrel, and rose 1.7 yuan/barrel to 607.2 yuan/barrel in overnight trading.

Outside: FOB South Korea fell by $21 to $1010 per ton, CFR China fell by $20 to $1023 per ton, FOB Southeast Asia fell by $21 to $989 per ton, FOB Rotterdam and CIF ARA fell by $15 to $1255 per ton, and FOB USG remained stable at $402 per gallon.

The fundamentals are showing an upward trend in the short term, with sufficient supply on the market. Pure benzene may continue to rise in the short term, and we are waiting to see if the cost and demand sides can improve. Continue to monitor the trends of crude oil and external markets, as well as the impact of changes in demand and downstream equipment dynamics on the price of pure benzene.