Cyclohexanone market bearish as hydrogenated benzene falls 300 yuan/ton to 9,150

1. Today's Summary

① Sinopec East China posted pure benzene price dropped by 400 yuan, currently at 9,200 yuan/ton.
② Today, Shandong non-long-term contract pure benzene transactions totaled approximately 1,600 tons. Self-pickup prices ranged from 9,100 to 9,203 yuan/ton, with an average of 9,151 yuan/ton, down 300 yuan/ton from the previous trading day.
③ Today, East China spot pure benzene negotiations occurred in the range of 8,910–9,070 yuan/ton, averaging 8,990 yuan/ton, a drop of 310 yuan from the previous working day.
④ On November 2, total commercial inventory of Jiangsu port pure benzene samples stood at 32,000 tons, an increase of 5,000 tons from the previous period's 27,000 tons.

2. Spot Market Overview

Table 1: Domestic Hydrogenated Benzene Price Summary (Unit: Yuan/Ton)

Using the Shandong region as a baseline, prices in Lubei and Luxinxi declined today. Main production area quotes fell to 8,800–9,100 yuan/ton, but transaction negotiations remained sluggish due to price drops in storage areas and surrounding regions. Local refineries saw prices fall to 9,100–9,200 yuan/ton. In the afternoon, major refineries cut prices by another 400 yuan consecutively, leading to further downward probing in storage areas. Although main production areas followed suit with price cuts, transaction volumes remained unsatisfactory. Reference delivered prices for hydrogenated benzene in Jiangsu were around 9,150–9,200 yuan/ton.

3. Production Dynamics

On October 28, the operating rate for hydrogenated benzene decreased by 1.06% to 59.84%. Weekly output was 79,400 tons, a week-on-week decrease of 1,400 tons. This week, the spread between crude benzene and hydrogenated benzene widened, increasing profits for Shandong hydrogenated benzene producers to 570 yuan/ton.

4. Price Forecast

Today, the domestic hydrogenated benzene market continued its significant decline. Falling international oil prices and a weakening pure benzene futures board have led to increased supply and demand, while fundamental marginal expectations have turned weaker. The market sentiment is bearish, causing domestic pure benzene spot prices to drop sharply, which in turn dragged hydrogenated benzene prices lower. Traders remain cautious, waiting on the sidelines, while downstream buyers are purchasing only essential volumes at low prices, resulting in limited market transactions. In the short term, hydrogenated benzene is expected to continue its weak downward trend; attention should be paid to recent changes in crude oil prices.

5. Related Product Status

Pure Benzene Market: Major refiners' posted prices have been lowered for three consecutive working days, and local refineries have also seen substantial price drops. Following these declines, inquiry interest for bottom-fishing purchases remains moderate, and transaction volumes for several players have shown signs of recovery.

6. Data Calendar

Table 2: Domestic Hydrogenated Benzene Data Overview (Unit: Yuan/Ton, Ten Thousand Tons)