1、 Price trend
According to the Commodity Market Analysis System of the Business Society, the price of pure benzene has been in a downward trend this month, and the price fluctuation is not significant. On May 1st, the price was 7433 yuan/ton; On May 31st, the price was 6573 yuan/ton, a decrease of 11.57% from the beginning of the month and a decrease of 28.22% from the same period last year.
2、 Analysis and Review
1. Crude oil fell broadly, with a bearish cost side. 2. The Asian American arbitrage window has closed, and the domestic price of pure benzene in China is high, resulting in a high import volume of pure benzene in May. And the overall supply of pure benzene in the market is sufficient. 3. Downstream profitability is poor, styrene continues to decline, and market interest in purchasing pure benzene is average, dragging down pure benzene on the demand side.
This month, the price of Sinopec pure benzene decreased by 950 yuan/ton to 6500 yuan/ton.
3、 Future Market Forecast
The market’s concern about the feasibility of the US cap agreement reappeared. At the same time, market sentiment was cautious before the OPEC+meeting, and international oil prices fell. NYMEX crude oil futures contract 07 fell by $3.21 per barrel, or 4.42%, at $69.46 per barrel; ICE oil futures contract 07 fell by $73.54 per barrel, or 4.58%, by $3.53 per barrel. The main contract for China INE crude oil futures, 2307, fell 0.8 yuan to 528.1 yuan/barrel, while it fell 22.8 yuan to 505.3 yuan/barrel in overnight trading.
On May 30th, pure benzene was traded outside: FOB South Korea rose or fell by $11 to $847 per ton, CFR China fell by $6 to $844 per ton, FOB Southeast Asia fell by $10.5 to $805 per ton, Europe closed at $951 per ton, and the United States closed at 354 cents per gallon.
The short-term weakness of fundamentals is difficult to improve. East China ports are expected to continue to accumulate, with sufficient supply on the market. In the short term, pure benzene will continue to show a weak trend, and we will wait and see if the cost and demand sides can improve. Continue to pay attention to the trend of crude oil and external markets, as well as the impact of the dynamics of pure benzene and downstream devices, and changes in demand on the price of pure benzene.