纯苯产业链企业探索风险管理新路径

Core Viewpoint - The recent listing of pure benzene futures and options on the Dalian Commodity Exchange presents new opportunities for risk management in the industry, coinciding with a restructuring of the supply-demand landscape in the pure benzene industry chain [1][2]. Industry Supply and Demand Dynamics - The "anti-involution" theme has led to rising expectations for the elimination of outdated production capacity, contributing to an increase in pure benzene prices. As of August 22, the main contract for pure benzene closed at 6208 yuan/ton, a 4.67% increase from its listing day [2]. - Pure benzene is a crucial product in petroleum refining, with its main downstream products accounting for 95% of total consumption. These include styrene, caprolactam, phenol, aniline, and adipic acid [2]. - Despite the price increase, the overall industry faces a supply-demand imbalance due to insufficient terminal orders, indicating that the "anti-involution" policy has yet to yield concrete measures [2]. Capacity Expansion and Market Outlook - From 2023 to 2025, the chemical industry is expected to see concentrated capacity releases, with pure benzene capacity driven by integrated refining projects. However, downstream capacity expansion, particularly in styrene and caprolactam, is more pronounced [3]. - The pace of capacity expansion for pure benzene and its downstream products is anticipated to slow down, but downstream installations will continue to be commissioned faster than upstream ones, potentially exacerbating supply shortages [3]. Participation in Derivatives Market - Following the listing of pure benzene futures, several companies have actively engaged in derivative tools for risk management. For instance, Jingbo Petrochemical established virtual inventory positions at low prices and shorted styrene futures at high prices to lock in processing profits [3]. - Zhongzhe Material Group, a major importer of pure benzene, has utilized futures for basis trading and price management, enhancing China's pricing power in the global market [4]. Industry Sentiment and Future Prospects - Industry participants express optimism regarding the future development of pure benzene futures and options, citing the high consistency of market participants between pure benzene and styrene [6]. - Companies are increasingly looking to pure benzene futures to lock in raw material prices and future production profits, indicating a growing reliance on these financial instruments for risk management [6][7].