The amount of pure benzene exported to the United States from Asia and Europe varies from one market to another.
According to the latest data released by Eurostat, the amount of pure benzene exported from Northwest Europe to the U.S. market in July was 15,105 tons, down 17.5% from a year earlier. At the same time, with the opening of the arbitrage window, the amount of pure benzene exported from Asia to the United States has increased significantly.
From January to July this year, the total amount of pure benzene exported to the United States by the European Union reached 108,360 tons. However, compared with 117,944 tons in the same period last year, the total amount of benzene exported to the United States still declined by 8.13%.
On the Asian side, the commissioning of some new factories in South Korea has further expanded the overall output of pure benzene in the region. In order to avoid overcapacity, Asia has increased its exports of pure benzene to the United States market since July.
South Korean Customs data show that the country exported 169,453 tons of pure benzene in July, a record since 2006. South Korea exported 42,960 tons of pure benzene to the United States this month, up 29.8% year-on-year.
European market analysts point out that in the long run, US demand for pure benzene cargo from Northwest Europe will gradually weaken. On the contrary, due to price and geographic factors, its dependence on Asian pure benzene imports will increase accordingly.
"In the next few years, if European pure benzene cargo no longer has a competitive advantage, its market position in the United States will eventually be replaced by Asian cargo. At present, the supply of pure benzene in Europe is in excess of demand. Except for the Mediterranean coast, the remaining pure benzene cannot be consumed in Europe for the time being. A local supplier said.
Soontomax (Taishan) Label Material Co., Ltd.
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