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Around 98% Nitro Benzene is primarily used in the production of Aniline, which serves as a raw material in the manufacture of fungicides, pharmaceuticals, and polyurethane. According to ChemAnalyst, "An anticipated ease in lockdown measures may stabilize the Nitro Benzene’s supply in the domestic market. However, if the closure of Shanghai port continues, it can lead to extended port congestion, which might cause a delay in trade, affecting the regional and international markets. In addition, upstream crude prices are not expected to ease, which could negatively impact the production of Nitro

Over the last few weeks, the price of Nitric Acid has touched unprecedented heights in the global market, with traders blaming the rising fuel and freight charges for the increase in rates. Carriers will be concerned about the Nitric Acid price increase because they already deal with inflationary pressures on multiple fronts.

Asia Pacific region has the largest share in the global Benzene market owing to the expansion of the Automotive, Petrochemical, and Construction industry in India, China, South Korea, and Japan. While Benzene and its derivatives are the most extensively used raw material in the manufacturing of downstream styrene, nylon tires, paints, etc., which are in great demand from the end-use sectors, have inflicted the Benzene market. In South Korea, the prices of Benzene settled at USD 1120 per tonne on 1st April.