Good Profitability of Industrial Chain and Fundamentals Complementing Each other
Since the fourth quarter of 2020, China’s coal-based benzene industry has started to make some profits, and the profitability has been good so far, which benefits from the relatively healthy supply-demand fundamentals of benzene, including coal-based benzene and oil-based benzene.
SCI’s data shows that the average profit of Shandong coal-based benzene industry has been RMB 734/mt from the beginning of 2021 to mid-May, and the profit margin has been 12.69%. The average profit of coking plants has been RMB 640/mt, and the profit margin has been 27.49%. Among the 7 downstream industries, the profitability of aniline ranks first, and its profit margin has been 28.19%. Although the profitability of coal-based benzene only ranks 6th, considering its development of recent years and the future, its profitability has been encouraging.
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