Hydrogenated Benzene Prices Maintain High-Level Fluctuations with an Upward Trend (Sept. 18–24, 2026)

1. Key Market Focus This Week

① Partial unit reductions and shutdowns led to a 3.18% drop in the hydrogenated benzene operating rate this week, reaching 56.24%.

② Margins for Shandong hydrogenated benzene saw a slight recovery this week, improving to -70 RMB/ton.

③ Sinopec East China’s listed price for pure benzene fluctuated (dropping then rising), currently standing at 9,900 RMB/ton.

2. Weekly Market Analysis

Data Source: Chempricehub Information

This week, the Shandong hydrogenated benzene market oscillated at high levels with an upward trend, with mainstream transaction prices ranging from 9,300 to 9,700 RMB/ton. In the first half of the week, signs of easing tensions in the Middle East led to a decline in international crude oil prices and a broad-based drop in commodity futures. Consequently, market sentiment weakened, causing spot prices for domestic pure benzene and hydrogenated benzene to retreat from their highs. In the second half of the week, significant disagreements persisted during Iran-US peace talks, pushing international crude oil prices back into a rally and restoring market sentiment. Additionally, tight supply of pure benzene spot goods in East China, month-end delivery obligations, and short-covering drove East China pure benzene offers up to 10,300 RMB/ton. Major refineries raised their listed prices by 300 RMB/ton, widening the price gap between northern and southern pure benzene markets and further boosting Shandong hydrogenated benzene prices. Overall, this week’s Shandong hydrogenated benzene prices were primarily influenced by international crude oil trends, East China pure benzene supply, and month-end delivery factors, maintaining a strong trajectory.

3. Next Week’s Market Forecast

The domestic hydrogenated benzene market is expected to oscillate at high levels with a slight upward trend next week, with mainstream transaction prices projected in the range of 9,300–10,000 RMB/ton.

Crude Oil: The US-Iran negotiations have yet to achieve a breakthrough, and geopolitical instability in the Middle East persists. It is unlikely that full navigation through the Strait of Hormuz will resume in the short term, meaning supply risks continue to support oil prices. International crude oil prices are expected to retain upside potential next week, with WTI forecasted at $88–93/barrel and Brent at $99–104/barrel.

Supply: Domestic refineries are facing increasing pressure on feedstock inventories and may reduce operating rates subsequently, heightening market expectations for lower pure benzene supply in October. Some hydrogenated benzene units are reducing loads or planning shutdowns, leading to an anticipated decrease in supply.

Demand: Mainstream downstream plants are increasing capacity utilization rates, driving higher demand for pure benzene.

Inventory: Port inventories of pure benzene in East China are expected to see a slight buildup next week, alleviating some supply tightness.

Comprehensive Outlook: While both supply and demand for domestic pure benzene are increasing, concerns remain regarding refinery operating rates in October. Combined with the potential upside in crude oil prices, this could drive pure benzene and hydrogenated benzene prices to rise further from current high levels. However, attention must be paid to downstream purchasing willingness after prices reach elevated levels, as well as the potential negative feedback from downstream sectors impacting hydrogenated benzene prices.

For more weekly market analysis, please refer to Chempricehub Information’s hydrogenated benzene reports.