Early last week, port inventories of benzene were saw an increase, prompting a dip in market prices to lows. However, strong downstream demand in the north, particularly in Shandong, bolstered transaction volumes, gradually driving up prices in this region and subsequently lifting the market in East China.
Despite the rise in inventories, the cumulative build-up fell short of expectations. Additionally, anticipation of increased downstream operating rates, along with the approaching holiday season when there is typically increased stockpiling by understream, all contributed positively to the benzene market. This week, attention should be focused on port inventory data and downstream operating rates for further market insights.
