According to the Commodity Market Analysis System of the Business Society, the auction price of crude benzene for the week from October 13 to October 20, 2023 was lowered. Last weekend, it was 6753.75 yuan/ton, and this weekend it was 6683.75 yuan/ton, a decrease of 1.04%.
In terms of crude oil, the conflict between Pakistan and Israel has continued to escalate, and supply concerns have intensified. International crude oil futures saw a significant jump on Thursday. Affected by this, on October 20th, the domestic SC crude oil market rose, with the main contract settling at 660.5 yuan/barrel, an increase of 0.9%. On a macro level, the Federal Reserve hinted that interest rate hikes may be suspended in November, easing demand concerns. On the supply side, the market’s focus is on the Palestinian Israeli conflict. Iran’s foreign minister has called for an oil ban on Israel, which has escalated sentiment towards Israel’s boycott. The resulting geopolitical turmoil has pushed up the risk premium for crude oil. In addition, the United States’ agreement to implement a six-month exemption from the sanctions imposed on Venezuela did not alleviate supply side tensions. Prediction: In the short term, the situation in the mainland will fluctuate, and the positive supply side will continue to affect crude oil in the short term. It is expected that oil prices will rise but not fall easily.
The factory price of Sinopec pure benzene will continue to be at 7850 yuan/ton during this cycle.
Other companies: Jingbo Petrochemical quoted 7700 yuan/ton, HSBC Petrochemical quoted 7850 yuan/ton, Weilian Chemical quoted 7703 yuan/ton, Xinhai Petrochemical quoted 7700 yuan/ton, and Hongrun Petrochemical quoted 7850 yuan/ton.
According to the Commodity Market Analysis System of Business Society, the price of pure benzene has slightly decreased this week. On October 16th, the price of pure benzene was at 7822 yuan/ton, and on Friday (October 20th), the price of pure benzene was at 7809 yuan/ton, an increase of 0.11% compared to last week and a decrease of 1.46% compared to the same period last year
The K-bar chart of commodity prices uses the concept of a price trend K-line to reflect weekly or monthly price fluctuations in the form of a bar chart. Investors can buy and sell investments based on the changes in the K-bar chart. Red indicates an increase; Green indicates a decline; The height of the K-bar represents the range of fluctuations. The weekly K-bar chart of pure benzene shows that the pure benzene market has seen a positive trend in recent times. After ten consecutive weeks of decline, it has risen for six consecutive weeks, slightly declined for three consecutive weeks, and fell for five consecutive weeks after two consecutive weeks of upward trend.
From the perspective of the industrial chain, crude oil rose during the week, while styrene market rose. However, due to the weak expectations of downstream demand, there was little change in prices during the week. The pure benzene market fluctuates within a narrow range, and the changes in the hydrogenation benzene market are relatively limited. Currently, the market price in East China is between 7850 to 7950 yuan/ton, which is basically the same as the price at the beginning of the week. Sinopec’s prices remained stable for the week, and the market mentality was relatively stable.
The overall changes in the pure benzene industry chain this week are limited, with narrow fluctuations in the hydrogenation benzene market. The overall fluctuations in the industry chain are relatively small, with mixed fluctuations in the auction prices of crude benzene during the week. However, the overall fluctuation is not significant, with most manufacturers’ prices declining and downstream on-demand procurement being the main focus. Shanxi region implemented a price increase of 6720 yuan/ton, with only a slight increase of 20 yuan/ton. In terms of supply, the shutdown plan for coke ovens in Shanxi region has been steadily implemented, with local coke companies experiencing a decline in production and regional supply of crude benzene tightening. In terms of demand, the operating rate of hydrogenation benzene enterprises has not changed much recently, and there is still a demand for crude benzene. In the near future, there has been insufficient guidance on crude oil, and the market is mainly focused on changes in supply and demand. It is expected that the trend of the industrial chain will be relatively stable in the short term, with a narrow range of fluctuations being the main trend.
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