[Introduction]: China's benzene imports in April reached 440,600 tonnes, significantly exceeding the previously anticipated 360,000–380,000 tonnes. The primary driver of the upside surprise was higher-than-expected volumes from India.

According to customs statistics, China imported 440,644.707 tonnes of benzene in April 2026, bringing the cumulative import volume to 1,713,632.519 tonnes. The import value for the month stood at US$480.63677 million, with an average price of US$1,090.76 per tonne. On a month-on-month basis, imports fell by 3.95%, while year-on-year they declined by 1.68%. Cumulative imports in the first four months of 2026 were 13.03% lower than the same period last year.

Customs data also showed that China exported zero benzene in April 2026.

According to customs data, among China's benzene imports in April 2026, 186,700 tonnes came from South Korea, accounting for 42.67% of the total. This share was lower than the typical range of 45–50%, which aligned with expectations and reflected the reduced operating rates of South Korean plants.

Regarding other source countries, China imported 82,800 tonnes from India in April, exceeding the expected 40,000 tonnes. This was a key reason why total imports surpassed forecasts. Due to disruptions in shipping via the Strait of Hormuz, India faced difficulties exporting to its traditional markets in the Middle East and Western Europe, redirecting large volumes to China instead. For reference, China imported 17,400 tonnes of benzene from India in April 2025, and the total volume from India in 2025 was 217,700 tonnes. In March 2026, China imported 33,700 tonnes from India, and the cumulative imports from India over January–March 2026 totaled 64,600 tonnes.

Apart from South Korea and India, China imported 46,400 tonnes of benzene from both Brunei and Thailand in April, exceeding the March volumes by 16,900 tonnes and 5,200 tonnes, respectively. These figures also surpassed earlier forecasts.

According to customs data, the main destinations for China's benzene imports in April 2026 were Zhejiang, Shanghai, and Shandong, with volumes of 167,800 tonnes, 86,800 tonnes, and 68,400 tonnes, respectively. Other importing regions included Jiangsu (40,800 tonnes), Fujian (34,900 tonnes), Guangdong (18,800 tonnes), Hainan (17,200 tonnes), and Hubei (6,000 tonnes).

According to customs data, the predominant trade mode for China's benzene imports in April 2026 was general trade, accounting for 369,900 tonnes or 83.95% of the total. The secondary mode was processing trade with imported materials, which amounted to 70,700 tonnes, representing 16.28% of the total.

Earlier market expectations put April benzene imports at 360,000–380,000 tonnes, but the actual figure reached 440,000 tonnes, far exceeding forecasts. This upside surprise heightened industry concerns over hidden inventory levels. Regarding imports for May and June, previous estimates were in the range of 250,000–280,000 tonnes and 300,000–350,000 tonnes, respectively. Given the deviation in April, import estimates for May–June should be revised upward. Consequently, the supply-demand balance over these two months is likely to maintain a trend of continuous destocking, though the absolute reduction in inventories will shrink.