Prompt

1. Daily Summary

① Sinopec East China posted price for pure benzene dropped by CNY 400/ton, currently at CNY 9,600/ton.

② Today, non-long-term contract transactions of pure benzene in Shandong totaled approximately 1,000 tons. Self-pickup prices ranged from CNY 9,400–9,503/ton, with an average of CNY 9,451/ton, down CNY 375/ton from the previous business day.

③ Spot negotiations for pure benzene in East China today were conducted at CNY 9,220–9,380/ton, averaging CNY 9,300/ton, a drop of CNY 450/ton from the previous business day.

④ On November 2, total commercial inventory of pure benzene at Jiangsu ports sampled was 32,000 tons, an increase of 5,000 tons from the previous period’s inventory of 27,000 tons.

2. Spot Market Overview

Table 1: Domestic Hydrogenated Benzene Price Summary (Unit: CNY/ton)

Using the Shandong region as a benchmark, prices in Lubei and Southwestern Shandong declined today. New prices in main production areas stood at CNY 9,300/ton, while local refineries dropped to CNY 9,400–9,500/ton. Crude oil weakness pressured chemical products during trading hours. In the afternoon, major state-owned refineries continued to cut prices by CNY 400/ton. The follow-through decline by local refineries in main production areas remained relatively narrow. Trading focused on restocking. Reference delivered prices for hydrogenated benzene in Jiangsu were around CNY 9,500–9,600/ton.

3. Production Dynamics

On October 28, the operating rate for hydrogenated benzene decreased by 1.06 percentage points to 59.84%. Weekly output of hydrogenated benzene was 79,400 tons, a week-on-week decrease of 1,400 tons. This week, the price spread between crude benzene and hydrogenated benzene widened, leading to increased profits for hydrogenated benzene producers in Shandong, closing at CNY 570/ton.

4. Price Forecast

The domestic hydrogenated benzene market experienced a wider decline today. Overnight crude oil futures closed significantly lower, and intraday pure benzene futures briefly hit the limit-down level, creating a weak market sentiment. Spot prices for domestic pure benzene fell rapidly, with posted prices from major state-owned refineries also being lowered in the afternoon. For hydrogenated benzene, weekly order negotiations began, with the price center dropping notably in the afternoon. Some downstream buyers took advantage of lower prices to purchase. In the short term, hydrogenated benzene prices are expected to remain at low levels. Attention should be paid to the impact of US midterm election results and Middle East geopolitical developments on crude oil prices.

5. Related Product Updates

Pure Benzene Market: Pure benzene prices in East China plummeted today, with futures briefly hitting the limit-down level. Local refineries opened collectively lower following clear signals from the market, but transaction volumes remained sluggish.

6. Data Calendar

Table 2: Domestic Hydrogenated Benzene Data List (Unit: CNY/ton, 10,000 tons)