In the week ending on August 4, the cost of Pure Benzene has slightly increased
The pure benzene market has marked a slight growth in the commodity market this week. As of July 31, 2023, the price of pure benzene was 7,287 RMB/ton, which is marked around 7,670 RMB/ton, on August 4, 2023, showing an increase of around 6.08%. However, it shows a decrease of around 9.94% when compared to the same period last year.
As on August 3, the prices stayed stable around 7600 RMB/ton, and an upsurge in crude oil rates strengthened the positive sentiment. With the reduction in the production rate from the major oil-producing countries, like Saudi Arabia, which has announced to lessen production of one million barrels per day until September. While Russia also suppressed its supply rate in September, resulting in a rise in the prices in the international oil market.
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An increase in the cost of certain oil varieties, such as NYMEX, which is a crude oil type, has increased by $2.06 per barrel, marking its current rates at $81.55 per barrel. Similarly, ICE oil went up by $1.94 per barrel, raising its cost to $85.14 per barrel. Whereas INE 2309, one of the main crude oil varieties of China, initially dropped by 7.7 yuan reaching around 612.6 yuan per barrel, and recently went up to 621.6 yuan per barrel, with an increase of 9.0 yuan.
The benzene prices in China went down from 7490 to 7610 RMB/ton while marking an upstream in Shandong, ranging from 7800 RMB/ton to 7700 RMB/ton. The fluctuation is visible due to the difference in the production and sales rate. Sales in East China are comparatively low as the sellers have decided to take the profits, with an excessive availability of benzene in the market. At the same time, the unavailability of benzene in the Shadon market has led to an increment in the rates. The situation has created a cautious atmosphere, with fewer deals being made.
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According to Procurement Resource, the pure benzene market is marking a slight rise in prices this week. The increment in crude oil rates supports the positive sentiment of the market. The sudden reduction in the production rate by the major oil-producing countries, such as Saudi Arabia and Russia, has led to a sudden rise in the international oil market.
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