Due to decline in overseas offers as well as price cut by refineries, China's domestic benzene markets weakened further with very limited trade activities on Wednesday.
In Asian market too, benzene declined US $5 from the previous day's level, closing at US $1175-1178 / ton (FOB Korea).
Chinese domestic benzene was quoted 8,000-8,100 Yuan / ton in East China markets and 8,400-8,500 Yuan / ton in South China markets. Mainstream offers in North China recorded prices of 8,000-8,100 Yuan / ton.
Decline in Chinese benzene prices was mainly due to two factors. First, was the price cut by most of the big refineries from March 22. Dalian Fu Jia Dahua lowered its pure benzene price by 200 Yuan to 8,600 Yuan / ton. North Branch of Sinopec too lowered its benzene offer by 300 Yuan / ton.
Tianjin Petrochemical, Shijiazhuang Refinery, Qilu Petrochemical, Qingdao refinery unified their price level at 8,400 Yuan / ton.
The second reason is decline in overseas offers. Because of this factor, the market could not get demand support from downstream sector resulting in limited trade activities. Domestic toluene market too slightly weakened due to these factors.
Though market is showing downward trend, market participants expect short-term market conditions of domestic benzene to maintain consolidation trend.
Fibre2fashion News Desk - India
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