From June 10 to June 17, 2022, the bidding price of crude benzene increased slightly in the whole week, from 7947 yuan / ton at the end of last week to 8071 yuan / ton at the end of this week, a weekly increase of 1.56%.

In terms of crude oil, the United States announced new sanctions against Iran. There is little hope that Iranian oil will return to the market. The expectation of tight global oil supply still exists. However, the expectation of interest rate hikes by many central banks around the world triggered concerns about economic recession. This week, international oil prices fell broadly. As of June 17, Brent fell by $8.89 / barrel, or 7.29%; WTI fell $11.11/barrel, or 9.21%. On Wednesday, the Federal Reserve announced an interest rate hike of 75 basis points higher than expected, which was the largest interest rate hike by the Federal Reserve in the past 30 years. The market was disturbed by macro bad news, and the expectations of demand setback put pressure on oil prices. Both WTI and Brent of international crude oil futures fell to a two-week low.

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

Date, Adjusted price, Adjustment amount

June 6, 9500.,+200

June 8, 9700.,+200

June 10, 10000.,+300

Sinopec raised the ex factory price of pure benzene. On June 8, 2022, Sinopec raised the listing price of pure benzene by 300 yuan / ton to 10000 yuan / ton. This week, the price of pure benzene in East China, South China and central China of Sinopec was stable at 10000 yuan / ton, and the price of pure benzene in some factories in North China was reduced by 200 yuan / ton.

Other enterprises: other enterprises: Jingbo Petrochemical offers 9400 yuan / ton, HSBC Petrochemical offers 9800 yuan / ton, and Weilian chemical offers 9503 yuan / ton.

Crude oil and pure benzene in the external market fell broadly this week, with bad fundamentals and limited support for the industrial chain. Sinopec has not adjusted the price of pure benzene this week, but most local refining enterprises have lowered it. In terms of supply, the centralized maintenance period of domestic pure benzene has come to an end, and new devices have been put into operation. The inventory of pure benzene in East China has started to rise slightly recently, and the supply of pure benzene is expected to increase in the future. In the downstream, the recent performance of styrene is weak. On June 10, the price was 11100 yuan / ton, and on June 17, the price was 10900 yuan / ton, down 1.8% compared with last week. The market transaction is general, and the spot price is slightly lower. Affected by multiple negative effects, the pure benzene market began to decline this week. As of the 17th, the mainstream price of domestic pure benzene was 9400-10000 yuan / ton.

In terms of crude benzene, although the industrial chain weakened as a whole this week, the bidding price of crude benzene still increased slightly this week. In Shandong, the price was 8070-8075 yuan / ton, up 100 yuan / ton compared with last week. As for coking enterprises, after the increase of coke, supported by the recovery of profits, the coking enterprises started well recently, and the overall supply of crude benzene was relatively stable. Affected by the recent rise in the price of pure benzene, the downstream benzene hydrogenation enterprises have started to operate relatively high recently, and their demand for crude benzene is acceptable. However, under the pressure of the overall downward trend of the industrial chain, it is expected that there will be some room for correction of crude benzene prices in the future.