Sinopec News: The buying mood remains strong on dips; short-term pure benzene prices are unlikely to fall sharply

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As of April 20th, the mainstream market closing price for pure benzene in East China was 8,700 yuan/ton, down 160 yuan/ton from the previous trading day. Crude oil prices declined, combined with falling overseas market prices, and March import figures exceeding market expectations, leading to decreased market enthusiasm for chasing prices. The price center moved downward, but as prices fell to around 8,650 yuan/ton, market buying interest revived. Looking ahead, as pure benzene prices rise, upstream price transmission resistance begins to heat up, but after prices decline, market buying interest still receives support, with downstream factories continuing to buy on dips. The situation in the Strait of Hormuz has become tense again, and strong rebounds in European and American crude oil futures suggest that market prices are likely to remain relatively strong in the short term. (Zhuochuang Information)

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