Benzene Prices

Benzene Prices December 2023

The benzene prices in the United States for Q4 2023 reached 1007 USD/MT in December. The market witnessed a significant decline due to moderate demand from sectors like styrene and cumene, alongside steady supply levels. Reduced import volumes at major ports and stable crude oil inventories also contributed to the bearish market conditions, with prices falling as downstream demand remained weak throughout the quarter.

The price trend for benzene in South Korea for Q4 2023, reached 861 USD/MT in December. The market faced a bearish trend due to weak demand from downstream sectors. Rising costs in crude oil and naphtha and a projected increase in regional supply contributed to price declines. Buyers were hesitant, anticipating more supply and maintaining a cautious approach in purchasing activities.

The price trend for benzene in Saudi Arabia for Q4 2023, reached 896 USD/MT in December. The market remained stable with moderate supply and demand, despite a bearish regional trend. Weak demand from end-use sectors and increased imports from Asia influenced the market dynamics. The potential for improved prices in the next quarter was anticipated, contingent on better demand and reduced supply due to recent crude production cuts.

The price trend for benzene in Brazil for Q4 2023, reached 835 USD/MT in December. In Q4 2023 the market showed stability with moderate supply but low demand from downstream industries. Weak retail performance and rising production costs from increased naphtha prices kept the market bearish. An uptick in manufacturing provided some support, but challenges in meeting domestic oil demand led to fluctuating prices, with a cautious outlook remaining for the sector.

Benzene Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Benzene Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of benzene pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of benzene at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of benzene price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing benzene price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Benzene Market Analysis

The global benzene market size reached US$ 64.1 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 86.1 Billion, at a projected CAGR of 3.20% during 2023-2032.

• The rising occurrence of various pest or insect related diseases in plants is impelling the growth of the market. Benzene in widely employed for the manufacturing of various effective insecticides and pesticides, such as hexachlorobenzene. According to the National Institute of Food and Agriculture and the United States Department of Agriculture, between 20% to 40% of global crop production is lost to pests every year. This is further driving the demand for pesticides among farmers to improve crop yield.
• Apart from this, the increasing utilization of benzene in the pharmaceutical industry to manufacture paracetamol is propelling the market growth. Paracetamol is a popular drug often consumed to get rid of mild to moderate pain, fever, and headaches. On the basis of the report presented by the Consumer Healthcare Products Association, Acetaminophen, which is also known as paracetamol, is the most common drug ingredient in the United States, and it is found in more than 600 different medicines, including prescription and over-the-counter (OTC) pain relievers, fever reducers, and sleeping pills as well as cough, cold, and allergy medicines.
• The growing employment of benzene in the production of styrene is supporting the market growth. Commercially, styrene is manufactured by the alkylation of benzene and ethylene to make ethylbenzene, followed by the dehydrogenation of ethylbenzene to styrene utilizing large feeding streams over the iron oxide-based catalyst. Styrene is extensively used as a monomer in the polymer industry for the creation of plastics, rubbers, and various types of resins. The report presented by Our World in Data in 2023 stated that plastic production increased sharply over the last 70 years and produced 450 million tons. This is also responsible for driving the demand for benzene for the manufacturing of styrene.
• Moreover, benzene derivatives play a crucial part in the production of rubbers, which are widely employed for the manufacturing of tires and various other rubber products. Furthermore, the increasing demand for benzene in the production of industrial solvents is bolstering the market growth.

Benzene News

The report covers the latest developments, updates, and trends impacting the global benzene market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in benzene production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the benzene price trend.

Latest developments in the benzene industry:

• In 2023, BASF SE announced that its Yeosu site in Korea has successfully created the first biomass balanced (BMB) methylene diphenyl diisocyanate (MDI). BASF has now manufactured biomass balanced MDI, made with biomass-balanced benzene.
• In 2021, Covestro received its first delivery of 2,000 metric tons of sustainable benzene from Total and set a milestone on its efforts towards a circular economy.

Product Description

Benzene is a colorless liquid chemical compound that evaporates into the air spontaneously and imparts a sweet characteristic odor. It is highly flammable and can be manufactured from both natural and human activities. it is miscible with alcohol, chloroform, ether, carbon disulfide, acetone, oils, carbon tetrachloride, and glacial acetic acid. It is effective in dissolving or thinning other substances, enhancing product application and performance.

It is also employed in the pharmaceutical industry for the production of medicines like paracetamol which are widely consumed for curing fever and pain. It is also used for the production of detergents, which are necessary for thoroughly cleaning and washing fabrics and clothes. It is necessary for the formulation of aniline, which is a vital ingredient in dyes and is also used in petroleum refining.

Regional Coverage

The report provides a detailed analysis of the benzene market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the benzene price trend.

Global Benzene Price

The report offers a holistic view of the global benzene pricing trends in the form of benzene price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights the current price but also provides insights into benzene historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into benzene price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed benzene demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Benzene Price

During the fourth quarter of 2023, the European benzene market remained bearish, driven by weak demand across various sectors and an oversupply situation. The sluggish pace in manufacturing durable and non-durable consumer goods, combined with a decline in intermediate goods production, pressured benzene prices. Downstream industries, particularly styrene and cumene, also showed a mediocre demand outlook. Furthermore, crude oil production cuts by Saudi Arabia added to the cost pressures on production. The continuous decrease in benzene bid offers throughout the quarter and the adjustments in crude prices by Saudi Aramco further influenced the market, keeping it in a downward trend despite moderate supply levels.

This analysis can be extended to include detailed benzene price information for a comprehensive list of countries.

North America Benzene Price

In Q4 2023, the benzene market saw a significant decline in North America mainly influenced by moderate supply and demand, particularly from downstream sectors. The slowdown in import cargo at major U.S. ports contributed to this trend. Although there was an anticipation of improved demand at the end of the quarter, benzene prices continued to fall due to reduced activity in the petrochemical industry. Retailers engaged in destocking amid subdued market conditions. Additionally, stable crude oil inventories and a steady inflation rate suggested no immediate changes in pricing. Overall, the market remained bearish, with benzene prices declining as a result of these combined factors.

Specific benzene historical data within the United States and Canada can also be provided.

Middle East and Africa Benzene Price

The benzene market in the Middle East and Africa region during Q4 2023 experienced a bearish trend due to weak demand and recent increase in port imports. The quarter concluded with a negative outlook, marked by low production rates and decreased demand for products like styrene and cumene. Imports mainly from Asian countries, along with reduced production and supply cuts, shaped the market dynamics. As the quarter ended, there was cautious optimism about potential price improvements in the next quarter, hinging on better demand from downstream sectors.

In addition to region-wise data, information on benzene prices for countries can also be provided.

Asia Pacific Benzene Price

The Asia-Pacific benzene market in Q4 2023 faced a bearish outlook due to weak demand and lower production rates. The region, particularly South Korea, saw reduced domestic prices, influenced by decreased imports and rising costs in the naphtha and crude oil markets. Hesitancy among buyers grew due to a predicted increase in supply, while downstream sectors like styrene and cumene exhibited a subdued demand. The market’s overall tone was cautious, with participants reluctant to engage at prevailing prices, reflecting the complex interplay of regional and global supply chain dynamics.

This benzene price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Benzene Price

Throughout Q4 2023, benzene market in Latin America was characterized by stability, with moderate supply and subdued demand from downstream sectors. Rising upstream naphtha prices and geopolitical tensions in the Middle East influenced benzene production costs and buyer interest. In Brazil, an initial expansion in the manufacturing sector provided some positive momentum, though the overall market conditions remained soft. Challenges in meeting domestic oil demand also led to price fluctuations, with the benzene market outlook dependent on shifting dynamics in the broader energy market and downstream demand recovery.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of benzene pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting benzene price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The benzene price charts ensure our clients remain at the forefront of the industry.