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Chinese benzene prices touch new high since 2008
30 Aug '12
1 min read
Benzene prices in China hit a record four-year high for the first time since the global financial crisis of 2008.
The benzene market in China is expected to continue with the uptrend in the short-term, owing to tight supply.
In East China, benzene prices were in the range of 9,050-9,100 Yuan/ton, ex-factory price, on August 28, showing a rise of about 500 Yuan/ton compared to the price range of about 8,550-8,600 Yuan/ton prevailing at the beginning of the month.
Tight supply in the market is due to some of China’s plants being under downtime. Dalian Fujia Dahua, China Tianjin Petrochemical Company of Sinopec and Qingdao Petrochemical of Sinopec experienced downtime in August.
The total benzene stock in East China continues to be lower than 20,000 tons and hence, spot supply is limited.
It is estimated that increased production capacity of downstream manufacturers will create an additional demand for about 2.97 million tons of benzene.
Fibre2fashion News Desk - China
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