Market Overview - On November 3, the pure benzene market price experienced a rise followed by a correction, with the index still up compared to last Friday. The overnight price of raw materials increased, and the futures prices of pure benzene and styrene saw significant gains, leading to higher trading levels for pure benzene. However, in the afternoon, the futures prices of styrene and increased dock arrivals led to a gradual reversal of gains, with a short maintenance plan for a reforming and disproportionation unit in South China. The forward structure of pure benzene remains in a premium state [1] Supply and Demand - As of October 30, the production of petroleum benzene reached 428,900 tons, an increase of 2,800 tons, with an operating rate of 74.10%, up by 1.37%. This period saw the restart of reforming units in Sinopec and others. The capacity statistics now include the reforming unit of Henan Fengli Petrochemical, while the cracking and reforming units of Qilu Petrochemical and Dalian Petrochemical are no longer included, changing the capacity base to 27.54 million tons per year [2] - As of November 3, the total commercial inventory of pure benzene at Jiangsu ports was 121,000 tons, an increase of 36,000 tons from the previous period. The overall operating rate of downstream sectors has decreased. The operating rate for styrene is at 66.72%, down by 2.5%, phenol at 78.00%, unchanged, caprolactam at 86.06%, down by 2.6%, and aniline at 78.57%, up by 1.2% [3] Market Outlook - In November, several units for pure benzene are expected to restart, coupled with anticipated new capacity, leading to a continued loose supply of pure benzene domestically. On the demand side, most downstream products are operating at a loss, and some secondary downstream inventories are high, particularly as styrene units face shutdowns and planned maintenance, limiting demand support. Due to the high number of shutdowns in the northern downstream, surplus pure benzene is being smoothly sold to East China, resulting in an increase in inventory at East China ports. Overall, the supply-demand outlook for pure benzene remains loose, with expectations of weak price drivers. However, considering the low valuation of pure benzene, attention should be paid to unit changes. In the short term, BZ2603 is expected to have weak self-driven momentum, with a strategy to short on price increases [4]
纯苯：供需偏宽松 估值偏低 价格驱动有限
Jin Tou Wang·2025-11-04 03:06