Hamburg (Germany)- The Benzene prices in Europe saw a sharp decline due to the continuous drop in aromatic naphtha prices, the primary raw material for Benzene production. Influencing factors for naphtha prices include global geopolitical tensions and ample local stockpiles, affecting Benzene production costs in Europe. Analysts noted a potential weekly loss after interpreting the OPEC+ meeting as signalling an increased supply, which is bearish for prices. OPEC+, the Organization of the Petroleum Exporting Countries and its allies, including Russia, agreed to extend most production cuts into xxxx while allowing a gradual unwinding of voluntary cuts by eight members. Benzene prices in the German market were observed at USD xxxx per MT, FOB Hamburg, in the first week of June xxxx.
Additionally, the Drag Reduction Agent (DRA) market is experiencing rapid growth due to its rising adoption in the...
