July Benzene Imports Gained by 21.85% M-O-M
In July, China’s benzene imports increased by 21.85% M-O-M and 56.85% Y-O-Y. It is predicted that the import volume will remain at a medium-to-high level in August and September.
The import volume of benzene read 349.6kt in July, registering an M-O-M increase of 21.85% and a Y-O-Y increase of 56.85%. From January to July 2024, the cumulative import volume totaled 2,097.8kt, up 17% Y-O-Y. The average import price in July was $1,059.59/mt.
South Korea is still the main source of benzene imports. In July, imports from South Korea were 187.8kt, accounting for 53.73% of the total import volume. Thailand and Brunei ranked second and third in imports, with an import volume of 51kt and 29kt, respectively.
Zhejiang-based enterprises imported the largest volume of benzene in July, reading 140.7kt, accounting for 40.25% of the total imports. Shanghai-based enterprises ranked second with an import volume of 80.1kt and a proportion of 22.9%. Shandong-based enterprises ranked third with an import volume of 49.5kt and a proportion of 14.17%. As many downstream units at Yantai Wanhua Chemical were shut down after mid-July, reducing the demand for benzene, the import volume in Shandong declined.
Since the imports of benzene gained notably in July while the demand growth in East China was limited, the port inventory of benzene progressively ramped up. according to SCI, the commercial benzene inventory of benzene at East China’s ports read 86.2kt on August 28, up 39.2kt or 83.50% from July 24, and up 67.38% from the same period of last year.
Based on the current port inventory in East China in August and the partial shipping schedule in September, it is expected that the monthly import volume of benzene in August and September will remain at the level of 320-360kt, at a medium to high level. Additionally, the import volume in September may slightly decrease compared to August.
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