供需格局面临重构 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, amidst a restructuring of the supply-demand landscape driven by the "anti-involution" theme [1][2]. Industry Supply and Demand Dynamics - The expectation of eliminating outdated production capacity has led to rising prices for various commodities, including pure benzene, which closed at 6208 yuan/ton on August 22, up 4.67% from its listing price [2]. - Pure benzene is a crucial product in petroleum refining, with its main downstream products accounting for 95% of total consumption, including 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, with the "anti-involution" policy primarily boosting market sentiment rather than leading to immediate supply changes [2][3]. Capacity Expansion and Future Outlook - The pure benzene industry is experiencing dual transformations of capacity expansion and demand iteration, with significant growth expected in downstream products like styrene and caprolactam from 2023 to 2025 [3]. - Future capacity expansion rates for pure benzene and its downstream products are expected to slow, but downstream production will outpace upstream, potentially exacerbating supply shortages and profit pressures in the industry [3]. Participation in Derivatives Market - Following the listing of pure benzene futures, several companies have actively engaged in derivative tools for risk management, such as establishing virtual inventory positions and conducting basis trading [4][5]. - Companies like Jingbo Petrochemical and Zhongzhe Material Group have successfully utilized futures for price management and profit locking, enhancing their operational strategies [4][5]. Optimism for Futures Development - Industry participants express optimism regarding the future of pure benzene futures and options, anticipating increased liquidity and diverse trading strategies as more companies seek to manage raw material prices and production profits [7][8]. - The listing of pure benzene futures is seen as a significant addition to the domestic energy and chemical industry's risk management toolkit, providing efficient price discovery and supporting operational decisions [7][8]. Diverse Trading Strategies - Companies are exploring various trading strategies involving pure benzene futures, including arbitrage across different products and regions, to enhance risk management and customer service capabilities [8][9]. - There is a call within the industry for more futures products related to pure benzene's downstream applications to create a comprehensive risk management framework [9].