On Wednesday, overseas suppliers of Benzene were quoting a rate of US $480 per MT CFR for Benzene to be imported in to China, but the Chinese buyers were willing to offer a rate of only $450-460 per MT.
With the slight increase in buying activity in the vital petrochemical product in overseas markets and production activity still under influence of production cuts effected a few months ago, downstream demand has turned slightly warmer.
Under such influence, Shanghai Branch of Sinopec has raised its price by 150 Yuan to 3,500 Yuan per ton, while Lanzhou Petrochemical and Dushanzi Petrochemical of PetroChina also increased prices by 100-150 Yuan per ton, respectively.
Prices in spot market also moved higher and at present overseas offers remain at high level, which are an inverse to domestic prices. Inquiries from lower reaches are more active, but due to supply constraints, market offers are ruling at 3600-3700 Yuan per MT, though actual transactions are being done at 3500-3600 Yuan per MT.
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Fibre2fashion News Desk - China
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