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Insight | Time: Feb 3 2023 3:08PM  Editor:Michael Zhao
China's benzene falls on weak fundamentals
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Asian benzene prices fell in late January/early February, despite stronger performance in the European/USGC markets. 


Benzene inventory increased by about 43kt from January 11 to 266.5kt in East China ports on February 1, according to data released by CCFGroup. There will still be a lot of benzene cargo arriving in early to mid-February, and benzene inventories in East China ports will continue to increase. However, further increases will also be limited as the remaining tank space for benzene and styrene is limited. Ships need to wait longer before discharging.

Location 11-Jan 1-Feb Change
Taizhou 3.5 4 0.5
Changzhou 152 176 24
Jiangyin 65 86 21
Other 3 1 -2.5
Total (KT) 223.5 266.5 43


With tank space reaching full and China domestic prices remaining lower than imported prices, discussions for CFR China cargoes were quite muted. A few producers offered FOB China cargoes with an open arbitrage window, but the total volume was quite limited. 


In China domestic market, benzene prices decreased tracking the decline in styrene. New orders in benzene downstream were limited as most end-users will return next week. Buying sentiment for benzene was still cautious. 


Several large units in benzene downstream have turnaround plans in February, so the overall supply-demand situation will keep weak in February-March. Eyes could rest on styrene and demand recovery in end-user market.

[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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