A strong wait-and-watch sentiment was observed in the Chinese benzene market on August 15.
In East China, benzene was traded in the range of 8800-8900 Yuan/ton on August 15.
Currently, overseas supply of benzene is continuing to decline and the price difference between imported and domestic benzene has disappeared.
Moreover, China’s benzene imports have reduced in recent times. There is tight supply in spot market but prices have not increased as buyers show less interest in purchasing at high level.
The downstream market is cautious about intervening in the market owing to comparatively large speculation risks.
At present, the overall turnover is flat.
The listing price of benzene from Sales Branch of Sinopec in East China was 8700 Yuan/ton on August 16. Stock pressure is not high and the company reported stable production and marketing conditions.
Fibre2fashion News Desk - China