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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, particularly in tar and crude benzene prices. Currently, the ex-factory price of tar from major coking enterprises has reached 1,100 yuan per ton (including tax), a significant jump from 670 yuan in April—an increase of 64.17%. Meanwhile, the price of crude benzene has surged from around 3,150 yuan in late June to over 4,000 yuan, reflecting strong market pressure.
The tar market has been on a steady rise since July, with prices remaining robust and even surpassing those in Beijing and Tianjin—something quite rare in recent years. Industry analysts point to several factors behind this price surge. First, coal shortages and market fluctuations led to large-scale production cuts in Shanxi's coking sector at the end of Q1. In early June, the Mianshan Convention was signed by local coke companies, leading to general production cuts of 20% to 40%, which significantly reduced 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 further fueled the price increases.
The tight supply-demand balance has driven strong purchasing interest from downstream users. According to some coke enterprises, the current volume of tar-related business is several times higher than before. However, despite the high tar prices, the limited growth in downstream product prices has led to lower profitability for tar processing companies. Some smaller firms have suffered losses and have had to shut down, exiting the market. Larger companies, in response, have also raised their product prices.
These developments signal that the current high tar prices may not be sustainable. Analysts suggest that as downstream demand slows, prices are likely to decline. Therefore, they advise coking and tar production companies to stay cautious and avoid overexposure in the current volatile environment.