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Chinese benzene market likely to remain range bound
26
Jul '12
Prices moved up in Chinese benzene market on July 25. In East China, the market transaction was in the range of 8450-8500 Yuan/ton, while it was in the range of 8300-8450 Yuan/ton and 8450-8500 Yuan/ton in South and North China, respectively.
 
Although the benzene market moved slightly higher, the number of transactions did not increase. Domestic supply is tight and Sinopec is planning to increase its listing price.
 
On the other hand, the market lacks demand from downstream sectors, and hence there are very few actual transactions taking place.
 
In view of the present situation, it seems that benzene market would remain range bound in the coming weeks.
 
Meanwhile, the East branch of Sinopec plans to increase its listing price of benzene by 100 Yuan to 8300 Yuan/ton. Shanghai Petrochemical, Jinling Petrochemical,Yangzi Petrochemical, and Zhenhai Refining & Chemical would be increasing their listing prices for benzene.
 

Fibre2fashion News Desk - China

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