深入13家企业看华东纯苯产业全景

Core Viewpoint - The listing of pure benzene futures and options on July 8 provides enhanced risk management tools for the upstream and downstream of the industry chain, which is crucial given China's position as the largest producer and consumer of pure benzene globally [1][2]. Industry Overview - China accounts for 39% of global pure benzene production capacity and 43% of apparent consumption in 2024, with East China being the largest production and consumption area [1]. - The production capacity concentration in China is moderate, with the top three companies holding nearly 40% of the market share, where Sinopec alone accounts for 17.6% [2]. Pricing and Sales Mechanisms - Different scale refineries have varying sales methods for pure benzene, with large refineries primarily using contracts and pricing based on Sinopec's East China price [2]. - Trade enterprises often reference prices from sources like Argus and Platts for their pure benzene procurement, with imports mainly from South Korea and Southeast Asia [3]. Market Conditions and Outlook - The pure benzene market is currently experiencing a downturn due to insufficient downstream demand, but a supply-demand increase is expected in the second half of the year with over 1 million tons of new capacity planned [7]. - Inventory levels for pure benzene and styrene have risen to higher levels this year, with expectations of a de-inventory trend in August, followed by a potential accumulation in September and October [8]. Production and Operational Insights - The production processes for pure benzene are diverse, with catalytic reforming and ethylene cracking being the most significant methods [5]. - Maintenance cycles for pure benzene facilities typically occur every three years, with minor repairs having a limited impact on the market [6]. Futures Market Participation - Companies are increasingly engaging in futures trading for hedging purposes, with a notable number of enterprises participating in the pure benzene futures market [11]. - The introduction of pure benzene futures and options has enriched the risk management tools available to industry players, enhancing market liquidity [12].