China Petroleum and Chemical Corporation, or Sinopec, raised its ex-tank benzene price in East China by Yuan 100/mt on Monday to Yuan 6,350/mt, trade sources said.
The new ex-tank price equates to about $839.99/mt on an import parity basis, based on an exchange rate of 6.3345. The increase in price comes amid strength in the upstream crude oil market and downstream styrene.
July ICE Brent crude futures had risen $4.12/b week on week last Friday to $77.47/b, while downstream styrene monomer had increased $13/mt over the same period to $1,404/mt CFR China.
S&P Global Platts last assessed CFR China benzene at $860/mt on Friday.
