What is driving the recent price trend of benzoic acid in China?
Chinese benzoic acid prices have been rangebound but soft, with quotes around 5,800-6,000 yuan per ton in late December 2024. The market is heavily influenced by feedstock toluene, which has weakened from around 5,900 yuan to 5,850 yuan, eroding cost support. A small price uptick of 200 yuan in mid-December was mainly cost-push, but downstream demand remains tepid. Year-end stocking, normally a peak period, has been sporadic, with buyers only covering immediate needs. Market participants expect prices to stabilize or edge lower in the near term, as high-cost inventory is consumed and no major demand catalyst appears before the Lunar New Year holiday.
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