Benzene Prices Drop as International Oil Prices Decline

The market price of benzene in Shandong, China fluctuated downward last week. The price dropped to 9,467.67 RMB/ton on Friday from 9,634.33 RMB/ton on Monday, marking a decline of 1.73% over the week.

The price drop was attributed to Sinopec's decision to lower its benzene prices by 300 RMB/ton across its refineries in East, South, and Central China. This move effectively reduced the latest price to 9,600 RMB/ton as of September 18.

The decline in international oil prices also contributed to the downward trend in benzene prices. Saudi Arabia's increased crude oil export volumes via the Strait of Hormuz led to lower international oil prices, which in turn dampened market sentiment for benzene.