Benzene prices keep firm on lower inventory
Benzene prices moved up in East China in the second half of April. In Asia market, the spread between FOB Korea benzene and CFR Japan naphtha increased to around $245/mt by April 27. In spot market, trading sentiment was active on falling benzene inventory in East China.
Benzene inventory decreased by around 16kt from week on week to 123.5kt in East China ports on Apr 27, according to data released by CCFGroup.
Operating rate of benzene units in China has gradually recovered. Last week, the operating rate increased by around 0.7% to 78.6% Friday and the rate of coal-based units increased by around 6% to nearly 63%.
Operating rates of styrene and caprolactam units also increased to around 6% and 1% last week, as downstream demand gradually improve with easing logistic restrictions.
China domestic benzene output is expected to increase. However, imports of benzene remains low as CFR China prices remained higher than domestic level for a while.
Discussions for CFR China benzene cargoes remain thin and the imports in April and May are likely to keep decreasing. Most market participants believe that the benzene port inventory will keep decreasing.
In short term, East China benzene prices are expected to keep firm. Eyes could rest on crude oil prices and the Covid situation in China.
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