Pure benzene is an important basic raw material of contemporary petrochemical industry and a leading product of aromatics industry chain. At present, the production of pure benzene in the world mainly comes from catalytic reforming, ethylene cracking by-products, toluene disproportionation, and a small amount of pure benzene comes from xylene isomerization. In addition to oil production, pure benzene has a coal process, which is mainly obtained by hydrogenation of crude benzene by coking plant at high temperature, known as hydrogenated benzene. Hydrogenated benzene is an important supplement to pure benzene, but limited by coking production, raw material crude benzene production capacity is limited, hydrogenated benzene production capacity accounted for the total production capacity of pure benzene is small, only 14%, so the overall price trend of pure benzene is dominated by the trend of petroleum benzene.
Benzene, toluene and xylene can be prepared by extraction of aromatic hydrocarbons from cracked gasoline and reformed gasoline. Benzene, toluene and PX can be produced by toluene disproportionation, PX can be produced by xylene isomerization, PX is mainly produced by xylene isomerization, and pure benzene appears more as a by-product. Therefore, when we consider the price fluctuations of pure benzene, we not only pay attention to the benefits of upstream and downstream products, but also need to judge the production profit situation by integrating all products, especially the oil adjustment economy of its upstream raw materials.
Pure benzene can not be directly used to adjust oil, but strong related products such as toluene and xylene in the production process of pure benzene have higher octane numbers, and can be directly used as gasoline components to adjust oil. Therefore, when the gasoline cracking price difference increases and the profit of the toluene disproportionation unit is poor, more toluene flows to the oil, thereby reducing the operating rate of the toluene disproportionation unit, reducing the supply of pure benzene, and boosting the price of pure benzene. In addition, the largest downstream styrene intermediate ethylbenzene octane number is also higher, can also be directly used as gasoline oil, when the oil economy of ethylbenzene than the production of styrene is higher, there will be some production enterprises direct takeout ethylbenzene, which reduces the market supply of styrene, resulting in a rise in the price of styrene, also boosted the price of pure benzene.
In recent years, the two and three quarters of the United States is the peak season of gasoline consumption, in the peak season of demand, the United States toluene and other oil will enter more gasoline rather than disproportionation device, thereby reducing pure benzene output, and in order to make up for this gap, the United States will increase imports of pure benzene in the oil season, widening the price difference between the United States and South Korea, South Korea's pure benzene supplies a large number of exports to the United States, resulting in a reduction in exports to China. Make China's domestic pure benzene supply and demand stage tight.
In 2024, the overall pattern of domestic pure benzene is better, pure benzene itself is limited in production, and the downstream production is still more, and the overall supply of pure benzene market is insufficient or will continue, so pure benzene will still maintain a strong position in the upstream and downstream. At present, the long-term fluctuation of the main port inventory of pure benzene in East China is near the level of 50,000 tons, which has reached a low position, and in April, the maintenance of pure benzene equipment is expected to increase, the supply reduction will be released, and the import of goods is expected to decrease. Superimposed downstream styrene part of the overhaul device restart, caprolactam new production capacity negative, the overall demand for pure benzene increased, in April the main port inventory or will be slightly dewarehouse, pure benzene prices there is support. From the perspective of oil adjustment, the second and third quarters are the traditional peak period of gasoline consumption in the United States, and the current window of pure benzene in the United States and South Korea remains open. If the price difference between the United States and South Korea remains high in the later period, the export of pure benzene from South Korea to China will be reduced, so the follow-up also needs to continue to pay attention to the change in the demand for aromatic octane number in the United States.
