he operating rate in 2021 could more reflect the motivation for plant operation

In 2020, the spread also once narrowed below $200/mt, but average plant operating rate still stayed above 75%. It was mainly because that after the oil rout in 2020, refineries stocked up crude oil, and thus the production cost was low. In 2021, however, crude oil rose, driving up the cost for refineries. In addition, the profits of benzene declined sharply in the middle of 2021. Therefore, the operating rate in 2021 could more reflect the motivation for plant operation.