Prices continue to decline.

1. Daily Summary

① Sinopec East China posted price for pure benzene was lowered by 300 yuan, currently executed at 7,900 yuan/ton.

② Today, non-long-term contract transactions of pure benzene in Shandong totaled approximately 1,500 tons. Self-pickup prices ranged from 7,750 to 7,803 yuan/ton, with an average of 7,776 yuan/ton, a decrease of 458 yuan/ton compared to the previous business day.

③ Spot negotiations for pure benzene in East China today were conducted between 7,790 and 7,930 yuan/ton, with an average of 7,860 yuan/ton, down 355 yuan/ton from the previous business day.

④ As of November 9, total commercial inventory samples of pure benzene at Jiangsu ports stood at 25,000 tons, representing a destocking of 7,000 tons from the previous period's inventory of 32,000 tons.

2. Spot Market Overview

Table 1: Domestic Hydrogenated Benzene Price Summary (Unit: Yuan/Ton)

Using the Shandong region as the benchmark, new pricing for Lubei remained undetermined today, while prices in Southwest Shandong declined. New prices in major production areas fell to 7,400–7,700 yuan/ton, and local refinery prices dropped to 7,750–7,800 yuan/ton. In the afternoon, Sinopec continued to lower its posted price by another 300 yuan/ton. Local refineries and hydrogenated benzene producers in major production areas followed this downward trend, but transaction volumes remained limited. The reference delivered price for hydrogenated benzene in Jiangsu was adjusted to 7,750–7,850 yuan/ton.

3. Production Dynamics

On November 5, the operating rate for hydrogenated benzene decreased by 1.16 percentage points to 58.68%. Weekly output of hydrogenated benzene was 77,800 tons, a week-on-week decrease of 1,600 tons. This week, the spread between crude benzene and hydrogenated benzene narrowed, reducing profits for hydrogenated benzene enterprises in Shandong, which settled at 47 yuan/ton.

4. Price Forecast

The domestic hydrogenated benzene market weakened further today. Declines in crude oil futures and the limit-down movement in pure benzene futures dragged spot prices lower. In the afternoon, Sinopec cut its posted price by another 300 yuan/ton, exacerbating the "buying dips" sentiment avoidance among traders and downstream users. Most participants adopted a wait-and-see approach, maintaining only essential procurement needs while collectively exerting downward pressure on prices. Receiving prices fell below ex-works prices, driving a significant decline in hydrogenated benzene prices. In the short term, the hydrogenated benzene market is expected to remain predominantly weak and bearish.

5. Related Product Status

Pure Benzene Market: In the morning, the East China market opened lower and continued to decline amid a sluggish atmosphere. Offers from local refineries kept falling, and major players' posted prices were further reduced during midday. Limited demand entered the market for replenishment, while most industry participants remained in a wait-and-see mode.

6. Data Calendar

Table 2: Domestic Hydrogenated Benzene Data Overview (Unit: Yuan/Ton, 10,000 Tons)