Mar Benzene Imports Hit New High
China's benzene imports hit a record high of 534.3kt in March, bringing the total import volume from January to March to 1,522.3kt, up 63.20% YoY. The surge is expected to moderate in April due to maintenance at South Korean units, though imports will remain high.
In 2025, sustained high benzene imports persisted as the Asia-America arbitrage window remained closed amid weak American and European demand. March imports at 534.3kt marked a 52.78% annual increase.
South Korea remained a major benzene exporter.
South Korea, the world's largest benzene exporter, has increasingly diverted shipments to China as the Asia-America arbitrage window remained closed. GACC data showed March South Korean exports to China reached 300.2kt, accounting for 56.19% of China’s March imports, up 6.93 percentage points from February. Brunei ranked second with 48.6kt cargoes coming to China, accounting for 9.1%. Thailand ranked third at 47.4kt, which accounted for 8.87%. Minor volume came from Japan and Singapore. With the U.S. seasonal buying season winding down and no arbitrage opportunity expected, Korean benzene is projected to maintain over 50% share in China’s import market.
East China was a major receipt place for imported benzene.
East China dominated domestic benzene consumption, absorbing most imports through its port hubs. Zhejiang imported 191.4kt (35.82% of the national total) in March, leading all regions. Shanghai ranked second with 140.5kt (26.30%), followed by Shandong at 72.1kt (13.49%).
The benzene import volume may remain high in the short to medium term.
Since July 2024, China's benzene imports have sustained high levels, hitting record highs in March 2025. The U.S. tariff policies have raised barriers for European and Asian benzene flows to America, keeping the arbitrage window shut. China is poised to remain the primary global benzene sink. Rising imports coupled with weak downstream demand and export headwinds may pressure benzene and derivative chemical markets.
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