Jin Tou Wang·2025-09-03 06:19Core Viewpoint - The main focus of the articles is on the current state and future outlook of the pure benzene futures market, indicating a weak fundamental backdrop with expectations of price fluctuations in the near term [2][3]. Group 1: Market Performance - On September 3, pure benzene futures showed a slight increase, with the main contract reaching a peak of 6024.0 yuan and closing at 6003.0 yuan, reflecting a rise of 0.62% [1]. - The short-term trading range for the BZ2603 contract is projected to be between 5900 and 6100 yuan [2]. Group 2: Supply and Demand Dynamics - Supply side: Domestic petroleum benzene production remained stable, with a capacity utilization rate increasing by 0.19% to 79.18%. However, the utilization rate for hydrogenated benzene decreased by 1.57% to 56.12% due to some units reducing output or shutting down [2]. - Demand side: The operating rate of downstream pure benzene users fell by 1.46% to 76.96%, indicating a decline in demand [2]. - Inventory levels: The inventory at East China ports decreased by 4.17% to 138,000 tons, but overall inventory at the main port increased to 149,000 tons due to weak demand [3]. Group 3: Future Outlook - The overall market sentiment is cautious, with no clear signals of demand improvement as the traditional peak season approaches. The expectation is for continued weak price fluctuations due to a combination of increased supply pressure from overseas and reduced demand from downstream sectors [2][3]. - The upcoming maintenance schedules for downstream styrene and aniline plants are likely to further constrain demand, leading to challenges in inventory reduction [3].