On September 29, the commodity index of hydrogenated benzene was 87.93, down 0.37 points from yesterday, down 18.71% from the highest point of 108.17 (2022-06-15) in the cycle, and up 193.20% from the lowest point of 29.99 on April 7, 2020. (Note: the cycle refers to 2013-12-01 to now).
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Crude oil: In September, crude oil continued to play a long short game, with strong negative market conditions and wide price shocks. The increase in interest rates in Europe and the United States has raised the market’s concern about economic recession and the pressure on crude oil demand, putting pressure on oil prices; However, European winter energy supply risks remain, supporting oil prices. As of September 28, Brent fell by 7.17 dollars/barrel, or 7.43%; WTI fell 7.4 dollars/barrel, or 8.26%.
Macroscopically, the continuous strengthening of the US dollar has put pressure on oil prices. In addition, the risk of economic recession is aggravated by the sharp interest rate increase of the global central bank, which then depresses the fuel demand. In addition, as the refinery entered the autumn overhaul period, the decline in operating rate led to the accumulation of crude oil, and many factors triggered a panic decline in the oil market.
Summary of Sinopec Pure Benzene Price Adjustment (Unit: yuan/ton)
Date., Adjusted Price., Adjusted Amount
September 6., 7750.,+150
September 20., 7850.,+100
In September 2022, Sinopec raised the ex factory price of pure benzene twice, with a cumulative increase of 250 yuan/ton. As of the 30th, 7850 yuan/ton had been implemented.
Other enterprises: Jingbo Petrochemical quoted 7980 yuan/ton, HSBC Petrochemical quoted 7950 yuan/ton, Weilian Chemical quoted 7953 yuan/ton, Xinhai Petrochemical quoted 7950 yuan/ton, Hongrun Petrochemical quoted 8050 yuan/ton.
In September 2022, the market of hydrogenated benzene rose first and then fell. The ex factory price in North China was 7633.33 yuan/ton at the beginning of the month and 7900 yuan/ton at the end of the month, with a monthly increase of 3.49%.
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Market price of domestic main hydrogenated benzene in September (unit: yuan/ton)
Market, price on August 30, price on September 30, up and down
East China, 7550 ～ 7650, 7900 ～ 8000,+350
Shandong, 7600 ～ 7700., 7700 ～ 7800.,+100
Looking at the trend chart in September, it can be found that the industrial chain was in an upward trend in most of the whole September, with only the price falling at the end of the month. In the middle and first ten days of the month, supported by the double positive effects of crude oil and styrene, pure benzene price shocks acted as the main driver, driving the overall industry chain to improve. The price of hydrogenated benzene in the upstream of crude benzene rose along with that of pure benzene, and the bidding price of crude benzene was continuously raised due to the boost. After entering the middle and late ten days, the crude oil market fell broadly, and the cost support began to weaken. In terms of downstream trend, styrene rose broadly in September and then fell back, while most other commodities rose in price. There was a general demand for goods in the downstream near the small and long holidays. The market procurement was active, and the improvement of the demand side drove pure benzene higher. As the price of pure benzene continues to rise, the market is increasingly afraid of high spirits. After the decline of both styrene and crude oil, the strength of pure benzene support falls back and the price drops. In terms of ports, the inventory of pure benzene at East China ports rose to 64600 tons at the beginning of the month. Later, affected by typhoon weather, the import cargo ships were delayed, and the inventory at the end of the month again fell to a low level. Near the end of the month, the bad news from crude oil and styrene dominated, while the downstream stock preparation was basically ended, the market transaction weakened, and the price fell.
In the future market, crude oil rose at the end of the month. In terms of pure benzene inventory, the port may continue to accumulate stock in the near future. The downstream performance is fair in the near future. There is an expectation that new capacity will be put into production in the downstream. In general, the fundamental support remains. It is expected that after the festival, the price will be stable, moderate and strong. We will continue to pay attention to the impact of international crude oil situation, external market, pure benzene and downstream device dynamics, demand changes, etc. on the trend of the industrial chain.
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