From November 12 to November 19, 2021, the bidding price of crude benzene decreased significantly, from 6421 yuan / ton last weekend to 5601 yuan / ton this weekend, a weekly decrease of 12.77%.

Summary of price adjustment of Sinopec pure benzene in 2021 (unit: yuan / ton)

Date., adjusted price., adjusted amount

October 8, 8000., + 300

October 11, 8400., + 400

October 26, 8100. – 300

October 28, 7600. – 500

November 16, 7400. – 200

November 18, 7000. – 400

On November 18, 2021, the listing price of Sinopec’s pure benzene was reduced by 400 yuan / ton to 7000 yuan / ton, of which Qilu Petrochemical implemented 6950 yuan / ton. Others: the quotation of Dongming Petrochemical is 7300 yuan / ton, that of HSBC Petrochemical is 7000 yuan / ton, and that of Jincheng Petrochemical is 7000 yuan / ton; Weilian chemical offers 6803 yuan / ton, Xinhai Petrochemical 7000 yuan / ton and Hongrun petrochemical 7650 yuan / ton

In terms of crude oil, crude oil fluctuated and fell this week, and the price fell broadly. The epidemic situation in Europe worsens again, and the demand for crude oil may be frustrated; The United States may release strategic oil reserves, and the number of active oil rigs in the United States continues to increase this week. The possibility of an increase in crude oil supply also depresses oil prices. Month on month (MOM) on November 12, Brent fell 3.28 USD / barrel, or 3.99%; WTI fell $4.69/barrel, or 5.81%.

This week, affected by the weakness of crude oil and styrene, the price of pure benzene went down all the way. Sinopec continuously reduced the ex factory price by 600 yuan / ton, and the market’s bearish expectation of pure benzene in the future strengthened. Market news in the week said that Zhejiang Petrochemical No. 4 atmospheric and vacuum distillation unit had been put into operation, the supply of pure benzene was expected to increase in the later stage, the inventory of Shandong local refining enterprises accumulated, and the inventory of ships arriving at the main port in East China increased. The continuous decline of downstream styrene also depresses the market mentality. The price of hydrogenated benzene decreases all the way with pure benzene. In addition, the cost pressure of hydrogenated benzene enterprises in the near future is large, and the mentality of suppressing crude benzene is strong. At present, coking enterprises are in a state of loss after five rounds of increase and decrease, and local enterprises have taken the initiative to limit production. The overall output of crude benzene is low and the supply is slightly tight. However, under the influence of fundamentals and a large number of negative factors downstream, it is still difficult to escape the fate of price reduction this week. The bidding price of crude benzene in Shandong has been significantly reduced by 820 yuan / ton and 5600 yuan / ton.

In the future, the business society believes that the recent trend of crude oil has fluctuated and fell, or it may continue to be bad for the pure benzene market. The trend of styrene in the downstream is weak, but it is expected that some units in the downstream will restart, the demand for pure benzene may increase, the fundamentals are bad and good news coexist, and the crude benzene price has decreased greatly this week. Under the environment of slightly tight overall supply and strong price support mentality of coking enterprises, it is expected that the market price will still be weak consolidation in the short term, with limited downward space.