The recent continuous rise in the price of crude oil has brought a wave of rising prices to the domestic market. Since then, due to the lack of market demand support, the overall trading situation has seen a stalemate, which has caused the market to continue its upward trend. However, the macro aspect is good enough to give the market a booster, so I expect the price of pure benzene to fall sharply. The situation will not appear.
The weak downstream demand is the main factor that caused the current benzene market to weaken. The high inventory of the styrene market and its weak downstream demand have caused considerable pressure on the demand for the benzene market. However, the operating rate of most of the downstream facilities has not improved compared with that before the Spring Festival. In particular, the operating rate of aniline plants is only 40% to 50%, which seriously drags down the benzene market.
However, the market's positive factors still prevail. With the optimism caused by the new Greece rescue plan and the escalation of Iran’s tensions, coupled with the continuing deterioration of the Middle East’s geopolitical factors, international crude oil prices rose steadily. The New York Mercantile Exchange’s February 21 crude oil price closed up 2%. %, which closed at the highest level in nine months, gave enough support to the market.
At the same time, the arrival of the ** device repair season will make Asia ** supply tight, and will also support the ** price to some extent. Zhenhai refinery and aromatics reforming and disproportionation plant will stop for 15 to 50 days from February 15. The annual productivity of the reforming and disproportionation plant is ** 220,000 tons, 250,000 tons of toluene, and 680,000 tons of xylene. PX is 530,000 tons; South Korea's SK Innovations unit in Ulsan plans to close from March 20 and restart on April 24th. The designed capacity of the reformer is more than 10,000 tons per year, including an annual production capacity of 238,000 tons. **, 291 thousand tons of toluene and 476,000 tons of isomeric xylene mixed; Japanese refinery Ideki Kosan's aromatic plant in Chiba Prefecture, Japan is scheduled to close in March for a 50-day annual maintenance inspection. Annual production capacity includes 265,000 tons of paraxylene, 577,000 tons of ** and 353,000 tons of mixed xylene; Thai PTT Global Chemicals plans to close its No. 2 aromatics plant with an annual capacity of 655 thousand tons from March 1. A 40-day overhaul; Thailand's paraxylene TPX's **-toluene plant in Sri Lanka is scheduled to close for two weeks in March. The unit can produce 489,000 tons of paraxylene, 177,000 tons of **, and 144,000 tons of toluene per year. 90,000 tons of mixed xylene.
On the external disk, Japan's largest oil refiner, New Japan Petroleum Energy, confirmed that the contract price for pure benzene in Asia in March was 1,260 US dollars (ton price, the same below), which was an increase of 65 US dollars from the settlement price of 1,195 US dollars in February. The continuous rise in prices of phenol, styrene and other products will further support the price of pure benzene.
With the passage of time, the operating rate of downstream equipment slowly picked up, and demand will bring better expectations for the benzene market. At the same time, since February 24, the central bank lowered the deposit reserve ratio of deposit-taking financial institutions by 0.5 percentage points, further liberalizing the liquidity of the banking system and alleviating the current market pressure on capital, which will also instill a hint of vitality into the market. Therefore, it is very difficult for the domestic ** market to fall sharply, and there is a high possibility of small consolidation.
The weak downstream demand is the main factor that caused the current benzene market to weaken. The high inventory of the styrene market and its weak downstream demand have caused considerable pressure on the demand for the benzene market. However, the operating rate of most of the downstream facilities has not improved compared with that before the Spring Festival. In particular, the operating rate of aniline plants is only 40% to 50%, which seriously drags down the benzene market.
However, the market's positive factors still prevail. With the optimism caused by the new Greece rescue plan and the escalation of Iran’s tensions, coupled with the continuing deterioration of the Middle East’s geopolitical factors, international crude oil prices rose steadily. The New York Mercantile Exchange’s February 21 crude oil price closed up 2%. %, which closed at the highest level in nine months, gave enough support to the market.
At the same time, the arrival of the ** device repair season will make Asia ** supply tight, and will also support the ** price to some extent. Zhenhai refinery and aromatics reforming and disproportionation plant will stop for 15 to 50 days from February 15. The annual productivity of the reforming and disproportionation plant is ** 220,000 tons, 250,000 tons of toluene, and 680,000 tons of xylene. PX is 530,000 tons; South Korea's SK Innovations unit in Ulsan plans to close from March 20 and restart on April 24th. The designed capacity of the reformer is more than 10,000 tons per year, including an annual production capacity of 238,000 tons. **, 291 thousand tons of toluene and 476,000 tons of isomeric xylene mixed; Japanese refinery Ideki Kosan's aromatic plant in Chiba Prefecture, Japan is scheduled to close in March for a 50-day annual maintenance inspection. Annual production capacity includes 265,000 tons of paraxylene, 577,000 tons of ** and 353,000 tons of mixed xylene; Thai PTT Global Chemicals plans to close its No. 2 aromatics plant with an annual capacity of 655 thousand tons from March 1. A 40-day overhaul; Thailand's paraxylene TPX's **-toluene plant in Sri Lanka is scheduled to close for two weeks in March. The unit can produce 489,000 tons of paraxylene, 177,000 tons of **, and 144,000 tons of toluene per year. 90,000 tons of mixed xylene.
On the external disk, Japan's largest oil refiner, New Japan Petroleum Energy, confirmed that the contract price for pure benzene in Asia in March was 1,260 US dollars (ton price, the same below), which was an increase of 65 US dollars from the settlement price of 1,195 US dollars in February. The continuous rise in prices of phenol, styrene and other products will further support the price of pure benzene.
With the passage of time, the operating rate of downstream equipment slowly picked up, and demand will bring better expectations for the benzene market. At the same time, since February 24, the central bank lowered the deposit reserve ratio of deposit-taking financial institutions by 0.5 percentage points, further liberalizing the liquidity of the banking system and alleviating the current market pressure on capital, which will also instill a hint of vitality into the market. Therefore, it is very difficult for the domestic ** market to fall sharply, and there is a high possibility of small consolidation.
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