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The price of coking chemical products increased especially for tar and crude benzene
Since early August, Shanxi's coking chemical products have experienced a sharp upward trend, with tar and crude benzene leading the charge. Currently, the ex-factory price of tar in major coking enterprises stands at 1,100 yuan per ton (including tax), a significant increase from 670 yuan in April—an impressive 64.17% rise. Meanwhile, the price of crude benzene has surged from around 3,150 yuan in late June to over 4,000 yuan, showing a strong upward movement.
Since the start of July, the tar market has remained robust, with prices holding firm and even reaching levels comparable to or exceeding those in Beijing and Tianjin—something quite uncommon in recent years. Industry analysts attribute this surge to several factors. First, due to coal shortages and market conditions, many Shanxi coke companies implemented large-scale production cuts starting from the end of Q1. Particularly in early June, the Mianshan Convention was signed, which generally limited production by 20% to 40%, reducing tar supply. Second, rising international crude oil prices have boosted the operating rates of tar processing companies, increasing demand for tar. Third, artificial speculation has also played a role in driving up prices.
The tight supply and demand balance has fueled strong purchasing interest from downstream users. According to coke enterprises, current tar transactions are several times higher than they were before. However, despite the high tar prices, the growth in downstream product prices has been limited, causing a drop in processing efficiency for tar companies. Some smaller processing firms have suffered losses and have had to halt operations, exiting the market altogether. In response, major tar processing companies have also raised their product prices.
These developments signal that the high tar price environment may not be sustainable. Analysts predict that as downstream demand slows, tar prices could eventually decline. Therefore, industry experts advise tar producers to remain cautious and not get overly excited by the current market trends. It’s important to monitor the situation closely and make informed decisions moving forward.