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The benzene market has shown a growth rate since the beginning of July 2023. The market has exhibited high demand for benzene compounds, which has surpassed expectations. The compound and raw materials such as naphtha and oil, which are used in the production of benzene, have also shown a significant increase, which has empowered the propulsion in the price of benzene.

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Along with that, the products that are produced using benzene as a base compound have also shown gradual growth, which has also contributed to the growth of the price ranges. Shanghai SECCO, a major producer of styrene, restarted a 700kt/year unit to boost the production rate on July 18 this year. Whereas, Lihuayi has resumed its production unit after a short closure, along with other few industrial giants who have also restarted their production units this July, including Shuangliang Leasty, SP Chemical, Shandong Yuhuang, and Ningbo Keyuan.  Sinopec increased the rates of the key product by 200 yuan/mt in July, which has been revised many times since early July by 600 yuan/mt in total.

The previous week the rates of Cyclohexanone or CPL and Phenol units in China resumed production, which has exhibited good growth in the operating rates of the following:

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The operating rate of the CPL unit has upgraded from 4% to 76.5%, along with an increase of about 69.8% from 4.1% for the phenol compound.

According to Procurement Resource, the market rates of benzene compounds are consistently upgrading, which shows a positive price range of the compound, along with the raw materials used to produce it, primarily naphtha and oil. It is also showing good growth in the rates of the following compound, derived from benzene which includes styrene, such as, cyclohexanone, and phenol, which have indirectly strengthened the global market demand rates of the key compound.