Before and after the Spring Festival, Sinopec’s listed price of pure benzene was increased twice, with a total increase of 650 yuan / ton. After the adjustment, RMB 5800 / T will be implemented, of which RMB 5750 / T will be implemented by Qilu Petrochemical Co., Ltd., and RMB 800 / T will be increased in February.
Price fluctuation of domestic main hydrobenzene market before and after Spring Festival in February 2021 (unit: yuan / ton)
Region, 1-day price, 5-day price, 8-day price, 19 day price, up and down this month
East China, 4650-48005100-52005300-54005850-5950, + 1175
In Shandong Province, 4050-41004900-51004900-51005800-5900, + 1775
In February 2021, the market price of hydrobenzene in East China rose to 5350 yuan / ton before the festival and 5900 yuan / ton after the festival. During the Spring Festival, the price rose by 550 yuan / ton, with a cumulative rise of 1175 yuan / ton this month.
During the Spring Festival holiday, affected by the historical extremely cold weather in the United States, the crude oil production in the United States is expected to drop by more than 40%, and the international oil price rises accordingly. A number of pure benzene plants in the United States were also affected by the bad weather and stopped unscheduled. During the holidays, the pure benzene external market and downstream styrene external market rose sharply. Under the macro favorable blessing, the main domestic traders and petrochemical enterprises have followed the rise after the opening of the festival, and the market price has increased significantly. On the 18th, the domestic chemical futures market made a good start, with pure benzene and styrene, the main downstream product, rising by more than 14%. Immediately, Sinopec raised the price of pure benzene by 400 yuan / ton, and implemented 5800 yuan / ton. As an alternative product of pure benzene, downstream hydrogenated benzene basically keeps the same trend with pure benzene. After the opening of the festival, the market of hydrogenated benzene keeps rising, with an increase of over 10%.
In terms of crude benzene, the market gradually returned to normal after the festival. However, as orders were signed at the beginning of February until the 23rd and 24th of the end of the month, the current market price remained stable. However, the price of pure benzene is still expected to rise, and the downstream hydrobenzene enterprises have better profits, higher prices and better demand for crude benzene. It is expected that the price of a new round of bidding on the 23rd will rise significantly.
In the future, the business news agency believes that the current international oil price is still expected to rise due to the bad weather in the United States, and the trend of pure benzene is good in the external market. The macro positive factors support the downstream product hydrogenated benzene, which is mainly bullish in the future. It is expected that the price will rise sharply after the festival, and the future trend will continue to be high.