① Due to the shutdown of some units, the operating rate of hydrogenated benzene fell by 1.16% this week to 58.68%.
② Profits for hydrogenated benzene producers in Shandong dropped significantly this week, falling to 47 CNY/ton.
③ Sinopec East China reduced its posted price for pure benzene by 1,500 CNY, with the current transaction price at 8,800 CNY/ton.
Table: Domestic Hydrogenated Benzene Price Comparison
| Product | Region/Category | Nov 5 | Oct 30 | Change | Change (%) | Unit |
|---|---|---|---|---|---|---|
| Hydrogenated Benzene | Shandong | 8375 | 10035 | -1660 | -16.54% | CNY/ton |
| Hebei | 8825 | 10040 | -1215 | -12.10% | CNY/ton | |
| Shanxi | 8550 | 9750 | -1200 | -12.31% | CNY/ton | |
| East China | 8525 | 10125 | -1600 | -15.80% | CNY/ton |
Data Source: Chempricehub Information
The market price of hydrogenated benzene in Shandong experienced a significant decline this week, with mainstream transaction prices ranging from 8,200 to 10,050 CNY/ton. On the macroeconomic front, following the conclusion of the U.S. midterm elections and the Democratic Party gaining control of Congress, expectations have risen that constraints on U.S. policy regarding Iran will increase. Consequently, international crude oil prices plummeted, commodity futures generally weakened, and pure benzene futures hit their daily lower limit. Fundamentally, imported volumes of pure benzene are expected to rise, while domestic supply and demand are both projected to grow, leading to a marginal weakening of fundamentals. Lacking strong support from either crude oil prices or domestic fundamentals, pure benzene prices retreated from highs during the week, causing the center of gravity in the hydrogenated benzene market to shift noticeably downward.
It is estimated that the decline in domestic hydrogenated benzene prices may narrow next week, with mainstream transaction prices expected to range between 7,800 and 8,500 CNY/ton.
On the cost side, with the Democratic Party winning the midterm elections, the risk of large-scale conflict between the U.S. and Iran has decreased, reducing geopolitical support for oil prices. Crude oil faces downward pressure, and international oil prices are expected to fall next week. WTI is forecast to be in the range of $81–$91/barrel, and Brent in the range of $87–$97/barrel.
On the supply side, domestic refineries are prioritizing fuel production over chemical products, so the increase in pure benzene supply is expected to be limited. However, previously shut-down hydrogenated benzene units plan to restart, which is expected to lead to increased output next week.
On the demand side, major downstream sectors such as styrene, phenol, and aniline are increasing their operating loads, leading to higher expected demand for pure benzene.
Regarding inventory, small increases in pure benzene port inventories in East China are expected next week; however, overall levels remain low, providing some support to prices.
Comprehensively, as the U.S. midterm elections conclude and control of Congress shifts, actions limiting military operations in the Middle East are being constrained, increasing the probability of diplomatic solutions. After the sharp drop in crude oil prices, inflation expectations have receded, weakening the necessity for a rate hike in December. Additionally, before the new Congress takes office at the end of 2026, its ability to constrain Trump remains limited, leaving many uncertainties regarding U.S.-Iran relations, and crude oil prices could potentially surge again. Overall, it is predicted that the decline in hydrogenated benzene prices may narrow next week.
For more weekly market analysis, please refer to the Chempricehub Information Weekly Report on Hydrogenated Benzene.
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