Introduction: China's benzene imports in March reached 458,700 tons, close to the earlier forecast of 450,000 tons. Considering the production cuts at plants in Japan, South Korea, and Southeast Asia due to feedstock shortages starting in March, imports are expected to decline to a relatively low range of 280,000-380,000 tons per month in April-May.

According to customs statistics, China's benzene import volume in March 2026 was 458,743.696 tons, with a cumulative import volume of 1,272,987.812 tons. The import value for the month was 396.1544 million US dollars, and the average import price was 863.56 USD/ton. Import volume increased by 10.46% month-on-month and decreased by 14.14% year-on-year. Cumulative imports were 16.38% lower than in the same period last year.

According to customs data, China's benzene export volume in March 2026 was zero.

According to customs data, among China's benzene imports in March 2026, 230,300 tons were imported from South Korea, accounting for 50.01% of the total.

Regarding other exporting countries, in March, China imported 55,100 tons from Japan (12.00%), 41,200 tons from Thailand (8.98%), 33,700 tons from India (7.34%), 29,500 tons from Brunei (6.43%), 23,800 tons from Indonesia (5.18%), 17,800 tons from Vietnam (3.88%), 15,000 tons from Malaysia (3.28%), 12,000 tons from Singapore (2.61%), and 300 tons from Russia (0.05%).

According to customs data, the main destinations for China's benzene imports in March 2026 were Zhejiang (172,800 tons), Shanghai (111,100 tons), and Jiangsu (46,800 tons). Other import destinations were Fujian (38,400 tons), Guangdong (23,800 tons), Shandong (21,000 tons), Sichuan (20,500 tons), Tianjin (12,000 tons), Hubei (12,000 tons), Hainan (12,000 tons), and other regions (including Guangxi, each less than 10,000 tons).

According to customs data, the main import trade method for benzene in March 2026 was general trade, with imports of 407,700 tons, accounting for 89.59%. The secondary trade method was processing trade with imported materials, with imports of 51,000 tons, accounting for 10.41%.

Starting from the end of February, due to the impact of the Middle East situation, passage through the Strait of Hormuz was restricted, leading to a significant reduction in crude oil supply to Northeast Asia and Southeast Asia. Some refineries chose proactive defensive production cuts, while others declared force majeure and shut down. As a result of these production cuts, benzene production and exports from Japan, South Korea, and Southeast Asia are expected to decline significantly in April-May. Additionally, with the opening of the US-Korea arbitrage window, it is reported that 48,000 tons of South Korean material and 12,000 tons of Indian material are being shipped to the US, further reducing China's available benzene import volume. Therefore, against the backdrop of declining export availability from traditional source countries, China's import volume is expected to decrease in April-May, with April imports estimated at around 350,000-380,000 tons and May at around 250,000-280,000 tons.