China's domestic pure benzene market recorded another bad day on Wednesday as prices continued to fall and not a single deal was stuck. Lack of buying support from downstream sector is the main reason for this downward trend.
In domestic markets, benzene market recorded very little movements. In eastern China markets, prices were range bound between 7,800-7,900 Yuan / ton. In North China markets, it was quoted at same price of 7,800-7,900 Yuan / ton. In South China markets, mainstream prices registered little improvement closing at 8,200-8,300 Yuan / ton.
In Asian markets, benzene recorded a fall of US $8 from the previous day closing at US $1132-1135 / ton (FOB Korea).
At present sentiment in Chinese market is not as good as expected. Domestic toluene market is dull because of lower prices of foreign goods and domestic refineries.
Due to prevailing situation, traders expect short-term market conditions of domestic benzene to be weak and maintain a consolidation trend for some time.
On Wednesday, many Chinese refineries reduced their offer prices to attract fresh buying. East China branch of Sinopec reduced its benzene price by 300 Yuan / ton while South China Branch lowered price by 500 Yuan / ton. Central Branch of Sinopec too reduced its benzene offer in the same range.
Shanghai Petrochemical, Yangzi Petrochemical, Zhenhai Refining & Chemical unanimously offered at 8,200 Yuan / ton. Guangzhou Petrochemical, Maoming Petrochemical too joined the bandwagon offering benzene at uniform ex-factory price of 8,200 Yuan / ton.
Wuhan Petrochemical, Changling Petrochemical,Luoyang Petrochemical, Jingmen Petrochemical made a cut of 300 Yuan / ton keeping price level of 8,200 Yuan / ton. On the other hand Zhongyuan Ethylene announced a price tag of 8,000 Yuan / ton reducing listing price by 400 Yuan / ton.
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