Apr Benzene Imports Dropped
China’s benzene imports in April totaled 448.2kt, down 86.1kt from March. Cumulative imports for 2025 reached 1,970.4kt, increasing notably YoY at 64.61%. Imports are expected to remain at medium to low levels in the first half of May due to ongoing unit maintenance in South Korea. However, imports may recover to over 500kt from June as maintenance concludes.
The Asia-US arbitrage window remained closed throughout H1 2025, diverting more overseas benzene to China. Imports hit record highs from January to March. South Korea reduced output from April to May due to unit maintenance. Consequently, China’s April and May benzene imports fell to around 450kt, easing pressure on domestic supply.
Benzene imports from South Korea dropped by 16.34 MoM.
In April, benzene output losses occurred due to unit maintenance in South Korea, reducing exportable benzene resources. According to GACC, South Korea exported 251.2kt of benzene to China in April 2025, down 49kt or 16.34% MoM. However, its share in China’s total imports remained stable at 56.05%. Brunei ranked second with 54.1kt, accounting for 12.08%, up around 3 percentage points. Japan placed third with 53.5kt, up 100.13% MoM. South Korea’s ongoing unit shutdowns in May may keep total imports around 450kt.
East China is the main receipt place for benzene imports.
East China remained the primary benzene import hub in April. Zhejiang imported 178.6kt of benzene, accounting for 39.86% of the total. Shanghai received 128.7kt or 28.72%, while Shandong’s imports plunged 47.54% to 37.8kt, accounting for 8.43% of the total. Later, Yantai Wanhua Chemical’s new 180kt/a benzene unit will gradually ramp up output after May to meet internal downstream demand. Coupled with increasing supply from Shandong Yulong Petrochemical, Shandong’s benzene imports may continue to decline.
Benzene imports may drop first then rise from May to Jun.
China’s benzene imports are expected to follow a low-to-high trajectory in May to June. Reduced exports from South Korea during April to May may constrain the volume. In June, idled South Korean units may be restarted, restoring export availability. With no near-term reopening of the Asia-US arbitrage window, China may remain South Korea’s key benzene export market. Additional supply from Southeast Asia and Europe may also flow into China. Consequently, benzene imports are projected to rebound to above 500kt by June.
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