财经深一度｜化工期货再迎新，纯苯期货和期权“报到”在即

Core Viewpoint - The approval of pure benzene futures and options by the China Securities Regulatory Commission is expected to significantly impact the pure benzene market and the broader aromatic industry chain in China [2][4]. Market Overview - Pure benzene is a crucial organic chemical raw material, with a production capacity of 32.34 million tons and a consumption volume of 29.26 million tons in 2024, accounting for 39% and 43% of global totals, respectively [4]. - China is the world's largest producer, consumer, and importer of pure benzene, with an import volume of 4.31 million tons, leading to a dependency rate of 15% [4]. Risk Management - The introduction of pure benzene futures and options will provide companies with essential tools to hedge against price volatility, which has exceeded 30% in recent years due to various factors such as international oil prices and global economic conditions [5][6]. - Companies have previously relied on long-term contracts and dynamic inventory adjustments to manage risks, but the new futures market will offer a standardized and transparent platform for price risk management [5][6]. Production Adjustment and Profit Locking - The futures and options market will facilitate better supply-demand adjustments within the industry, helping companies stabilize production and profits amid fluctuating market conditions [6][7]. - Producers can lock in raw material prices through crude oil futures while simultaneously securing product sales prices with pure benzene futures, effectively locking in processing profits [6][7]. Enhancing Price Influence - The launch of pure benzene futures and options is expected to create a transparent and authoritative "Chinese pure benzene price," enhancing China's influence in international pricing and reducing reliance on foreign benchmarks [8]. - The establishment of a futures market will support the transition from a "coarse game" to "refined management" in the industry, aiming to position China as a pricing center for pure benzene in Asia [8].