Owing to the rise of crude oil price, benzene manufacturers in China increased their offer price on Wednesday.
In the Chinese domestic market, prices of benzene ranged between 8400 and 8600 Yuan/ton. While the market transactions in North China were in the range 8400-8500 Yuan/ton, in East China the range was 8500-8525 Yuan/ton, and in South China it was 8400-8600 Yuan/ton.
Factory prices were also adjusted and the sales branch of Sinopec in North China increased its ex-factory price of benzene by 100 Yuan/ton. Qingdao Refinery, Tianjin Petrochemical, Qilu Petrochemical and Shijiazhuang Refinery implemented a uniform price level of 8500 Yuan/ton.
As the price of crude oil has crossed the US$ 90/barrel mark, follow-up offers are expected from overseas, giving support to pure benzene market. Hence, the market sentiment is expected to remain bullish.
However, sellers are expected to remain firm in their offer price, and not increase their price further, due to limited amount of transactions.
Fibre2fashion News Desk - China
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