Aluminum prices continued to fall in July, but in early August, the decline in aluminum prices converged and began to show signs of stabilization. According to the Commodity Market Analysis System of Shengyi Society, the average price of domestic aluminum ingots in the East China market on August 9, 2024 was 19026.67 yuan/ton, a decrease of 0.83% from the market average price of 19186.67 yuan/ton at the beginning of the month (August 1).

Reasons for stabilizing and stopping the decline in August

1. The price of raw material alumina remains firm, and the cost side is supported by the amplification of influencing factors after the decline in aluminum prices.

2. Domestic macro news has been released. The domestic action plan to accelerate the construction of a new type of power system has been introduced, which is overall beneficial for the fields of new energy power generation and electric vehicle charging piles, and has a driving effect on the demand for electrolytic aluminum.

3. Currently, the price of aluminum ingots has fallen to near the marginal cost, and the import window is still closed, narrowing the downward space and providing some support for prices.

Summary of Negative Factors in August

1. The social inventory of aluminum ingots has accumulated slightly. As of August 5th, the mainstream market electrolytic aluminum inventory in China is 819000 tons.

On the supply side, Yunnan electrolytic aluminum enterprises have resumed production one after another, and new projects in Inner Mongolia have been put into operation, resulting in a slight increase in daily production of electrolytic aluminum in China.

On the demand side, the off-season effect is intensifying, and the operating rate of downstream aluminum processing links is declining.

Aluminum prices may stabilize and stop falling in August

At present, aluminum prices remain at the level of 90000 yuan, and downstream acceptance has increased. It is expected that aluminum prices may stabilize and stop falling in August.

In July 2024, the focus of the domestic adhesive short fiber market slightly increased. The upstream raw material market is showing an upward trend, and the cost side support is still acceptable. The downstream market mostly maintains on-demand procurement, and the demand side performs steadily. Adhesive short fiber manufacturers mainly deliver orders, and the inventory level in the market continues to decline. Some sources of supply are tight, and favorable factors in the market dominate, resulting in a narrow increase in adhesive short fiber market prices.

Price trend of viscose staple fiber

According to the Commodity Market Analysis System of Shengyi Society, as of July 31st, the domestic ex factory price of 1.2D * 38mm adhesive short fiber was 13500 yuan/ton, an increase of 80 yuan/ton from the beginning of the month price of 13420 yuan/ton, with a monthly increase of 0.60%.

In terms of cost, the price of the main raw material dissolution slurry remains relatively high and stable. The price of broad-leaved dissolution slurry for domestic enterprises is reference to 7700 yuan/ton, and the price for external markets is reference to 940 US dollars/ton. The market prices of auxiliary materials such as liquid alkali and sulfuric acid continue to rise, and the cost support is strong. The average production cost of adhesive short fibers has increased.

In terms of supply and inventory, there have been frequent changes in the equipment of adhesive short fiber manufacturers during the month. Some adhesive short fiber equipment in Jiangxi region stopped briefly at the beginning of the month, some adhesive short fiber pre maintenance equipment in Xinjiang region restarted partially in the first half of the month, and some adhesive short fiber equipment in Hebei region underwent a 7-day rotation inspection in the middle of the month. Currently, the overall market supply is stable, and the operating rate of the adhesive short fiber industry in July was around 83.81%. The inventory level of various manufacturers is low, and some models in the field have tight supply, with good supply support.

On the demand side: The textile terminal market is in a low season of demand, and downstream cotton yarn manufacturers mostly execute early orders, mainly consuming raw material inventory, and replenishing in small quantities at low prices, resulting in mediocre performance on the demand side.

Future forecast

At present, the supply of adhesive short fibers in the market is tight, and the inventory in the market is low, providing some favorable support for the dissolution pulp market. It is expected that the market price of raw material dissolution pulp will stabilize at a high level next month, so it is expected that the cost support of adhesive short fibers will be good next month. Although the textile terminal market is still in the off-season of demand, there is a possibility of centralized replenishment by manufacturers as they approach the new round of signing orders for yarn mills. It is expected that there will still be some support from the demand side for adhesive short fibers next month. Overall, Shengyi Society expects the market for adhesive short fibers to remain stable in the short term, with limited price fluctuations or the possibility of a slight increase. Prices are expected to be in the range of 13500-13600 yuan/ton.

This week, the domestic acrylonitrile market has been operating weakly and steadily. The upstream raw material propylene market first stabilized and then rose, and the cost support is still acceptable. This week, the acrylonitrile factory followed the spot market with a slight decline, coupled with low downstream demand, and the lack of confidence in the future market, so some transaction prices on the market are biased towards the lower end. However, due to production cost factors, the downward space of the acrylonitrile market is relatively limited. As of the weekend, the mainstream negotiation for self pickup in East China ports is around 9000 yuan/ton, and the negotiation for short distance delivery in Shandong market is around 8900 yuan/ton.

In terms of supply, the operating rate of domestic acrylonitrile plants remains around 8.30%.

In terms of raw materials, the domestic propylene market has been mainly volatile this week, with the mainstream reference being 7100-7120 yuan/ton. Currently, the 200000 tons/year polypropylene plant of Jingbo Petrochemical restarted on July 28th, causing loose propylene offers in some areas and exacerbating downstream buying caution to some extent, resulting in weak support for price trends. It is expected that the propylene market prices will operate weakly in the short term.

Weak demand: The average operating rate of domestic ABS equipment this week was 62.86%, an increase of 3.49% month on month and a decrease of 19.22% year-on-year.

Overall, in the short term, the domestic propylene market may experience a high-level decline, with average cost support. At the end of the month, acrylonitrile factories gradually settled accounts, with limited trading activity on the market. However, some factories’ offers slightly weakened, and industry players lacked confidence in the future market. Therefore, the short-term acrylonitrile market is still mainly weakly adjusted, but considering cost factors, the downward space is relatively limited. The expected mainstream negotiated price for self pickup at East China ports is around 8900 yuan/ton.

According to the commodity analysis system of Shengyi Society, the price of locally refined petroleum coke has been weakly adjusted this week, with a slight decline. As of July 21, the price of locally refined petroleum coke in the Shandong market was 1480.50 yuan/ton, a decrease of 0.13% from 1482.50 yuan/ton on July 15.

On the cost side: The crude oil market is fluctuating downwards, supported by the traditional peak consumption season in the United States and the increasing expectation of the Federal Reserve’s September interest rate cut. However, the market still has concerns about the economic and demand prospects, and negative sentiment also exists.

Supply side: This week, the shipment of petroleum coke from local refineries has been active, and the prices of petroleum coke from refineries have fluctuated. Some refineries have adjusted their prices based on sulfur content, and downstream purchases of petroleum coke are limited, with average transactions. At present, the inventory of imported petroleum coke is high and shipments are average, which provides weak overall support for the petroleum coke market.

On the demand side: Currently, the metal silicon market is entering a period of high demand, and the production of metal silicon devices continues to increase. The overall operating rate is at a high level, and the supply side has sufficient supply. Some regions are under pressure to ship, and the support provided by the supply side to the metal silicon market is limited. At present, the demand for petroleum coke procurement from metallic silicon is still acceptable, supporting the petroleum coke market.

This week, the market for sulfur calcined coke has been weakly consolidated, and the upstream petroleum coke market is weak. Currently, most companies are stabilizing their prices and shipping, while downstream companies are mainly observing and waiting.

This week, aluminum prices have declined due to external factors and the completion of production resumption by Yunnan enterprises. In June, there was a significant increase in ingot production in Qinghai, Guizhou and other regions. Based on current market expectations for aluminum alloys and feedback from enterprises, it is expected that domestic ingot production will continue to increase in July. Downstream aluminum carbon enterprises maintain essential procurement of petroleum coke.

Market forecast: Currently, there is sufficient supply of domestic petroleum coke, high port inventory, limited downstream demand, and mainly on-demand procurement. It is expected that the local petroleum coke market will consolidate weakly in the near future.

The domestic fluorite prices have continued to decline this week, with an average price of 3660 yuan/ton as of the weekend, a decrease of 2.17% from the early week price of 3741.25 yuan/ton, and a year-on-year increase of 19.75%.

Supply side: There is little change in the supply of low-level fluorite during mining operations

The current situation of the game in the domestic fluorite industry still exists. Overall, the operating rate of enterprises has not changed much. Upstream mining is tight, backward mines will continue to be eliminated, and new mines will be added. Mineral investigation work is still difficult. In addition, the national department will carry out rectification of fluorite mines in the near future, and fluorite mining enterprises are facing increasingly strict safety and environmental protection requirements. Some mines have conducted safety hazard inspections, making it more difficult for fluorite mining enterprises to operate. The shortage of raw materials has limited the operation of fluorite enterprises. In addition, the impact of high temperature and rainy weather has made it difficult to increase the operation of fluorite. The supply of fluorite goods is still tight, but safety inspections are gradually coming to an end. In the later stage, fluorite operation.

Demand side: Weak demand for hydrofluoric acid, declining production of refrigerants

This week, the domestic hydrofluoric acid market trend has declined, and the mainstream price for hydrofluoric acid in various regions of China is negotiated at 10800-11200 yuan/ton. The downstream hydrofluoric acid market is weak, and some units are still shut down recently. The spot supply of hydrofluoric acid has not changed much, and manufacturers have low orders for purchasing hydrofluoric acid. The price of hydrofluoric acid is dragging down the domestic fluorite market, and some hydrofluoric acid manufacturers are purchasing on demand, causing a slight decline in the domestic fluorite market.

The downstream refrigerant market in the terminal continues to be deadlocked due to poor demand transmission. After entering the off-season of production, the market production demand weakened. In addition, the recent rainy weather has led to poor stocking of refrigerant companies, which has resulted in a lack of enthusiasm for upstream product procurement. The industry has maintained a low level of production, and the market for some refrigerant products has declined. As a result, the fluorite market has slightly declined.

In addition to the traditional demand in the refrigerant industry, fluorite, as an important mineral raw material for modern industry, is constantly developing in emerging fields. It is also applied in strategic emerging industries such as new energy and new materials, as well as defense and nuclear industries, including lithium hexafluorophosphate, PVDF, graphite negative electrode, photovoltaic panel, etc. With the demand driven by new energy and semiconductor fields, fluorite applications have received certain support, and the fluorite market has maintained a high level.

Market forecast: In the short term, it is difficult to improve the supply of domestic fluorite mines. Large mines continue to operate for immediate needs, while many small and medium-sized enterprises remain in a state of shutdown. The tight supply of fluorite mines is a major positive support for the fluorite market. However, the downstream hydrofluoric acid market trend is declining, and the demand in the downstream refrigerant industry is gradually weakening. Both long and short factors are affecting the market. Chen Ling, an analyst at Shengyi Society, believes that fluorite prices may slightly fall in the later stage.

According to the Commodity Market Analysis System of Shengyi Society, from July 8th to 12th, the domestic ethanol price rose from 6032 yuan/ton to 6040 yuan/ton, with a price increase of 0.12% during the week and a price decrease of 10.52% year-on-year. Some regions have tentatively increased, but downstream purchases are mostly on demand, with average transaction volume. Under high costs, most companies bear the pressure of losses and are unwilling to lower prices to place orders. Considering the current weak demand, the domestic ethanol market has only maintained a slight upward trend.

In terms of cost, the surplus grain at the grassroots level has bottomed out, and downstream procurement will be carried out in stages, with a limited amount of imported grain powder. The corn market is operating at a high level. The cost of ethanol is influenced by favorable factors.

On the supply side, there are significant differences in the operating rates of production enterprises in different regions. The supply of ethanol is affected by favorable factors.

On the demand side, in the off-season of Baijiu consumption, the anhydrous purchase volume of methyl ethyl ester will increase; Ethyl acetate starts production to reduce negative load. Short term ethanol demand is influenced by bearish factors.

In the future, some regions are expected to have favorable cost performance, which will support the firm ex factory prices of production enterprises. The weak demand in most regions has affected the atmosphere of the ethanol market. The ethanol analyst from Shengyi Society predicts that the short-term domestic ethanol market will be mainly dominated by weak consolidation.

According to the Commodity Market Analysis System of Business Society, as of May 31st, the average market price of compound fertilizer was 3075 yuan/ton, and on May 1st, the average market price of compound fertilizer was 3060 yuan/ton, an increase of 0.46% compared to the beginning of last month.

Upstream raw material trends

urea

This month, domestic urea prices have fluctuated and risen. On May 1st, the price of urea was 2435 yuan/ton, and on May 31st, the price of urea was 2493 yuan/ton, an increase of 2.36% compared to the beginning of the month.

Firstly, the urea futures market has performed well, and the spot market has also moderately risen. More importantly, the supply and demand fundamentals remain positive. On the one hand, there are more supply side maintenance companies, and multiple units in Shandong, Henan, and Shanxi have not yet started construction. The inventory of urea enterprises remains at a low level. On the other hand, on the demand side, agricultural demand maintains a good momentum, and there is still a gap in agricultural demand. The shipment volume of urea manufacturers is at a high level, with prices generally rising. The upward momentum of urea prices at the end of the month is insufficient, and there may be a pullback.

Ammonium phosphate market

The market price of monoammonium phosphate has risen, while diammonium phosphate has been steadily consolidating and operating. The price of raw material phosphate ore is high and firm, with support from the cost side.

Monoammonium phosphate

It is 2853 yuan/ton. As of May 31st, the average market price of 55% powdered ammonium phosphate in China was 3150 yuan/ton. The market price of ammonium phosphate increased by 10.4% this month.

Diammonium phosphate

According to the Commodity Market Analysis System of Shengyishe, the average market price of 64% diammonium phosphate in China was 3896 yuan/ton on May 1st. On May 31st, the average market price of 64% diammonium phosphate in China was 3883 yuan/ton. This month, the market price of diammonium phosphate decreased by 0.34%.

Currently, the demand for diammonium phosphate in the market is light, and new transactions are limited.

Potassium sulfate

According to the monitoring of the commodity market analysis system of Business Society, the price of potassium sulfate with a 50% content at the beginning of this month was 3176 yuan/ton, and the price of potassium sulfate with a 50% content at the end of this month was 3264 yuan/ton, with a price increase of 2.76%.

In May, domestic potassium sulfate prices showed an upward trend. Resource based potassium sulfate manufacturer Guotou Luokang entered a comprehensive maintenance state at the end of this month and plans to resume production by September. As a result, the supply of goods has sharply decreased, and the spot supply in the hands of traders is also tight. The operating rate of potassium sulfate plants in Mannheim is mostly maintained at over 70%. The manufacturers have a high number of orders in the early stage and are currently not accepting orders at high prices. Most factory orders can continue to be shipped until late June or even July. Processed potassium sulfate manufacturers are relatively active in purchasing raw materials for potassium chloride. Driven by rigid demand, they mainly purchase on demand based on orders.

In terms of compound fertilizer, due to the rising prices of raw materials such as urea, ammonium phosphate, potassium fertilizer, etc., the cost of compound fertilizer has significantly increased, and the price of compound fertilizer has shown a fluctuating upward trend this month.

In terms of supply and demand

From a demand perspective, as the summer market approaches its end, the amount of compound fertilizer used is decreasing, and even if the price of compound fertilizer continues to rise, it will not be too high. From the inventory situation, some dealers have low inventory and usually purchase the required varieties through order based procurement according to the needs of market entities. Therefore, although the demand for compound fertilizers will weaken in the future, low inventory may make the price of compound fertilizers relatively stable.

Future Market Forecast

It is expected that after the summer market ends in mid June, the supply and demand of compound fertilizers will gradually weaken. However, due to low inventory levels and stable costs as the main influencing factor, the operation of the compound fertilizer market is not expected to experience significant fluctuations. There may be a slight adjustment in price, and the price difference between high and low prices may be further reduced.

In May, the market for butadiene rubber saw a significant increase. According to the Commodity Market Analysis System of Business Society, as of May 31, the market price of butadiene rubber in East China was 14090 yuan/ton, an increase of 6.26% from the beginning of the month at 13260 yuan/ton.

In May, downstream tire production fluctuated slightly, with demand mainly supported by the rigid demand for butadiene rubber and downstream stocking based on demand; The market price of raw material butadiene fluctuates at a high level, while the cost center of butadiene rubber remains high; The overall load of butadiene rubber is not high, and the pressure on the supply side of butadiene rubber is not high; The futures price of butadiene rubber was significantly boosted by natural rubber, and the ex factory price of butadiene rubber enterprises gradually increased in late May. As of May 31st, the mainstream price of butadiene rubber market in East China was 13900~14300 yuan/ton.

In May, the production of butadiene rubber remained at a low level, and there was not much pressure on the market supply. As of the end of May, the domestic butadiene rubber plant construction was around 5.7%.

In May, the price of butadiene remained high, and there is still strong support for the cost of butadiene rubber. According to the Commodity Market Analysis System of Shengyishe, as of May 31st, the price of butadiene was 11875 yuan/ton, an increase of 1.39% from 11712 yuan/ton at the beginning of the month, and an increase of 7.10% from the low point in the cycle.

Demand side: Downstream tire production fluctuates slightly, providing rigid support for butadiene rubber. It is understood that as of the end of May, the operating load of semi steel tires in domestic tire enterprises was around 80%; The production of all steel tires by tire enterprises in Shandong region increased from 6.4% at the beginning of the month to 6.8% in the middle of the month, and then slightly decreased to around 6.6% at the end of the month; Downstream customers tend to stock up on demand, resulting in lackluster market transactions.

Market forecast: Business Society analysts believe that the price of raw material butadiene is still at a high level, and the cost support for butadiene rubber is still strong; The overall production of butadiene rubber remains low, and there is no pressure on the supply side of butadiene rubber; At present, downstream tire companies have experienced slight fluctuations in production, with the main support for the rigid demand for butadiene rubber. Overall, the butadiene rubber market is expected to rise and consolidate in the later stage under the support of cost and low production.

1、 Price trend

According to the commodity market analysis system of Business Society, the stearic acid market fluctuated in May, with a benchmark price of 8560 yuan/ton at the beginning of the month. As of May 31st, the benchmark price of stearic acid was 8900 yuan/ton, an increase of 125 yuan/ton from the beginning of the month. Increase by 1.42%. In early May, stearic acid rose and then fell, followed by a second increase in late May. As of the last day of May, stearic acid increased by 4.97% compared to April. On the cost side, palm oil fell and rose in May, and the current situation shows that some stearic acid production enterprises still have low profits.

2、 Market analysis

Cost side: In early May, the palm oil futures market experienced a rebound, and after the rebound, it gradually rebounded. On May 10th, the average price of palm oil in the market fell to 7770 yuan/ton, a decrease of over 3% compared to the beginning of the month. In mid May, due to the increasing production cycle of Malay palm oil, palm oil experienced a pullback after rising. Long and short intertwined, palm oil saw a relatively large increase of nearly 1.5%. On May 30th, the average price of palm oil in the market was 7940 yuan/ton, a decrease of 0.45% compared to May 20th. Starting from June, the weather has warmed up, and the demand for terminal oils has declined. The upward space for palm oil is still limited.

Supply and demand side: In May, the production and operation of the stearic acid factory approached a load level of 6.6, which was almost the same as the previous month. The factory operation was stable, and the shipment volume remained at a stable level. The domestic supply of goods was also quite stable, supplemented by imported goods to replenish inventory. In April, the import volume of stearic acid in China was 21450.756 tons, and from January to April, the total import volume of stearic acid in China was 96063.289 tons. At present, there is sufficient inventory of stearic acid.

Downstream PVC: The spot market price of PVC rose in May. On May 1st, the average price of PVC in China was 5556 yuan/ton. On May 28th, the average price was 6026 yuan/ton, and the price increased by 8.46% within the month. This month’s news is mainly positive, with the rise of futures driving prices in the spot market. Downstream product enterprises hold a wait-and-see attitude.

3、 Future Market Forecast

The stearic acid market fluctuated in May, with some fluctuations in the cost of palm oil, but overall the market slightly declined. Cost support is slightly weak. The improvement in demand for PVC downstream is limited. It is expected that the stearic acid market will continue to be weak and consolidate in the later period.

On May 29th, the crude benzene commodity index was 118.54, an increase of 0.78 points from yesterday, a decrease of 10.09% from the highest point in the cycle of 131.84 points (2013-01-28), and an increase of 288.15% from the lowest point of 30.54 points on April 8th, 2020. (Note: The cycle refers to 2011-09-01 present).

According to the commodity market analysis system of Business Society, in May 2024, the crude benzene market first fell and then rose. The domestic ex factory price of crude benzene was 7690 yuan/ton at the beginning of the month and 7570 yuan/ton at the end of the month, with a monthly decrease of 1.56%.

Crude oil prices: Business Society crude oil analysts believe that the future crude oil supply and demand game will continue. On the supply side, the OPEC ministerial meeting will be held on June 1st, at which time the organization will discuss production reduction policies. Currently, the policy tends to continue the previous production reduction scale. In addition, countries such as Iraq and Kazakhstan have submitted compensatory production reduction plans for exceeding quotas, and Russia’s technical excess has also promised compensatory production reduction. There will not be too much change on the supply side in the future. From the demand side, future demand may have two sides. On the one hand, gasoline demand in the United States is expected to increase as the summer driving season begins. At the same time, China is currently implementing intensive economic stimulus measures, and there is also some potential for future demand. On the other hand, in the medium to long term, oil demand is still constrained by the high interest rate environment in the United States, and there is a certain degree of uncertainty on the demand side. Overall, the short-term decline in crude oil prices is a squeezing effect of amplified bearish sentiment on both supply and demand sides. However, the future supply and demand fundamentals do not support the maintenance of low oil prices. It is expected that there is still room for upward movement after the adjustment of oil prices. On May 28th, international crude oil futures rose. The settlement price of the main WTI crude oil futures contract in the United States was $79.83 per barrel, an increase of $2.11 or 2.7% from last Friday. The settlement price of the Brent crude oil futures main contract was $83.94 per barrel, up $1.06 or 1.3%.

K-bar chart of commodity prices, using the concept of price trend K-line, reflects the weekly or monthly price fluctuations in the form of a bar chart. Investors can buy and sell based on the changes in the K-bar chart. Red indicates an increase; Green indicates a decline; The height of the K-bar represents the range of fluctuations. The weekly K-bar chart of pure benzene shows that the pure benzene market has seen more ups and downs in recent times.

In May 2024, Sinopec’s listed price for pure benzene increased by a total of 200 yuan/ton, with a current implementation of 9000 yuan/ton.

Other companies: Jingbo Petrochemical quoted 9000 yuan/ton, HSBC Petrochemical quoted 8800 yuan/ton, Weilian Chemical quoted 9003 yuan/ton, Xinhai Petrochemical quoted 9000 yuan/ton, and Hongrun Petrochemical quoted 8800 yuan/ton.

In terms of the industrial chain, the overall pure benzene market has steadily increased this month, with market prices steadily rising. The overall increase in the first half of the month was limited, but by the end of the month, the supply of pure benzene in East China was tight, driving up the sentiment in the spot market. Sinopec raised its listing price to 9000 yuan/ton at the end of the month, once again boosting market sentiment. The mainstream ex factory price of hydrogenated benzene has also risen to 9000-9100 yuan/ton, and manufacturers have a strong attitude towards price support. The overall market atmosphere is strong.

K-bar chart of commodity prices, using the concept of price trend K-line, reflects the weekly or monthly price fluctuations in the form of a bar chart. Investors can buy and sell based on the changes in the K-bar chart. Red indicates an increase; Green indicates a decline; The height of the K-bar represents the range of fluctuations. After entering 23 years, the hydrogenated benzene market has seen more ups and downs. In May, the market continued to decline for two consecutive months, while in July and August, it continued to rise for two consecutive months. The weekly K-bar chart shows that the hydrogenated benzene market has seen more gains than losses in recent times.

K-bar chart of commodity prices, using the concept of price trend K-line, reflects the weekly or monthly price fluctuations in the form of a bar chart. Investors can buy and sell based on the changes in the K-bar chart. Red indicates an increase; Green indicates a decline; The height of the K-bar represents the range of fluctuations. After entering 23 years, the hydrogenated benzene market has seen more ups and downs. In May, the market continued to decline for two consecutive months, while in July and August, it continued to rise for two consecutive months. The weekly K-bar chart shows that the hydrogenated benzene market has seen more gains than losses in recent times.

Although crude benzene belongs to coal chemical commodities, the downstream commodity of crude benzene, hydrogenated benzene, serves as a substitute for pure benzene. Therefore, the market trend of crude benzene is mainly influenced by the pure benzene industry chain, and the trend basically follows the fluctuations of the pure benzene market. In terms of supply, the profits of coking enterprises recovered in May, and the operating rate steadily rebounded. Currently, the overall supply of crude benzene is relatively stable. Affected by the recovery of the coke market, the operating rate will remain relatively stable in the near future, and the supply of crude benzene will be relatively stable in the future. In terms of demand, hydrogenated benzene enterprises have been boosted by the industrial chain, with recent profit recovery and a slight increase in operating rates, indicating good demand for crude benzene. Overall, boosted by the overall rise of the industrial chain, the crude benzene market has maintained a stable, medium to strong trend in recent times.