纯苯期货期权合约及规则介绍

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Researching and developing pure benzene futures and options is an important measure by the Dalian Commodity Exchange (DCE) to serve the real economy. It can combine with the listed styrene futures and options to provide more comprehensive risk management tools and trade pricing benchmarks for relevant industrial enterprises, and contribute to the safe and stable development of the aromatic hydrocarbon industry chain and supply chain [4][9][96]. - After the listing of pure benzene futures and options, industrial chain enterprises can effectively cope with price - fluctuation risks using derivatives tools, and adjust supply and demand according to public and transparent forward price signals, thereby optimizing resource allocation and promoting the long - term and healthy development of the industry chain [5][97]. Summary by Directory 1. Market Review No relevant content provided. 2. Rubber Market No relevant content provided. 3. Conclusion - Pure benzene is an important organic chemical raw material, connecting petroleum and coal at the upstream and three major industries of synthetic resin, synthetic fiber, and synthetic rubber at the downstream. In 2024, China's pure benzene production was 2513000 tons, apparent consumption reached 2926000 tons, and the market scale was 208.6 billion yuan [4]. - The proposed pure benzene futures contract has a trading code of BZ, a trading unit of 30 tons/hand, a minimum price change of 1 yuan/ton, a daily price limit of 4% of the previous trading day's settlement price, and a minimum trading margin of 5% of the contract value. The contract months are from January to December, and the delivery method is physical delivery [4][96]. 4. Pure Benzene Basics Introduction - Pure benzene is a petroleum - chemical basic raw material, a colorless, sweet - smelling, flammable, and carcinogenic liquid at room temperature. It is a good organic solvent, slightly soluble in water and easily soluble in organic solvents such as ethanol and ether. Its production and application need to strictly follow safety and environmental protection regulations [10]. 5. Pure Benzene Storage, Transportation Precautions and Uses - During transportation, operators should wear protective equipment and prevent vapor leakage. During storage, it should be stored separately from oxidants and food chemicals in a cool and ventilated warehouse, with a temperature not exceeding 30°C [15]. - Pure benzene is mainly used as a chemical raw material in industry, for synthesizing various alkylbenzenes, and a series of benzene derivatives [15]. 6. Pure Benzene Production Process and Industry Chain Introduction - Pure benzene can be divided into petroleum benzene and coking benzene. Petroleum benzene accounts for 80.7% of the total, with a purity usually over 99%, and is more widely used [16]. - The main production processes include catalytic reforming (about 38% of the total source globally), ethylene - cracking by - product extraction, toluene disproportionation, and coal - processing by - product extraction [16][17]. - Upstream raw materials mainly come from crude oil, naphtha, and coal. Downstream, 47% of pure benzene is used for styrene production, 17% for caprolactam, 13% for phenol, 11% for aniline, 7% for adipic acid, and 5% for other chemicals [22]. 7. Domestic and International Pure Benzene Production Capacity and Demand - Globally, the production capacity of pure benzene exceeds 80 million tons, with major production areas in Northeast Asia, North America, and Western Europe, accounting for 51%, 13%, and 12% of the global capacity in 2024 respectively [28]. - In China, the production capacity increased from 12.47 million tons in 2017 to 25.78 million tons in 2024, and the output increased from 8.495 million tons in 2017 to 20.921 million tons in 2024. China is the world's largest producer and consumer of pure benzene. In 2024, the total output was about 24.955 million tons, and the demand was about 29.259 million tons, with a supply - demand gap of about - 140000 tons [28][29][30]. 8. Pure Benzene Downstream Demand Areas - Styrene is the main downstream product of pure benzene, accounting for 47%. The production of one ton of styrene requires about 0.8 tons of pure benzene, and its downstream products are used in multiple fields such as insulation materials and home appliances [36]. - Caprolactam accounts for 17% of the demand. The production of one ton of caprolactam requires nearly one ton of pure benzene, mainly used for PA6 slices, with downstream applications in textile and clothing [37]. - Phenol accounts for 13%. The production of one ton of phenol requires about 0.92 tons of pure benzene, used in the production of bisphenol A and other products [38]. - Aniline accounts for 12%. The production of one ton of aniline requires about 0.86 tons of pure benzene, used in the production of dyes and drugs [38][39]. - Adipic acid accounts for 7%. The production of one ton of adipic acid requires about 0.75 tons of pure benzene, used for synthetic nylon 66 salt and other products [39]. 9. China's Pure Benzene Import and Export - China is a net importer of pure benzene. In 2024, the total import volume was about 4.164 million tons, mainly from South Korea, Brunei, and Thailand. In 2025, China's production capacity and output are expected to further increase, and the listing of pure benzene futures will improve the aromatic hydrocarbon industry chain [42]. 10. Pure Benzene Cost Calculation and Influencing Factors - Cost calculation formulas include the theoretical cost of petroleum benzene, the rough - calculation cost, and the theoretical cost of hydrogenated benzene [47]. - Influencing factors include raw material cost, production process, supply - demand relationship, inventory level, and macro - economic factors [47][48]. 11. Correlation Analysis between Styrene and Pure Benzene - Pure benzene and styrene are closely related in the chemical industry chain. In the long - term, they show a strong correlation, but due to various factors, their price difference may fluctuate [49]. 12. Pure Benzene Futures and Options Contracts and Business Rules - The pure benzene futures contract has a trading unit of 30 tons/hand, a minimum price change of 1 yuan/ton, a daily price limit of 4% of the previous trading day's settlement price, and a minimum trading margin of 5% of the contract value. The delivery method is physical delivery [53]. - The pure benzene options contract has a contract type of call and put options, a trading unit of one hand (30 tons) of pure benzene futures contract, and an American - style exercise method [53]. 13. DCE Pure Benzene Futures Delivery Quality Standard - The quality requirements include a crystallization point (dry basis) of ≥5.45°C, a purity (mass fraction) of ≥99.90%, and a toluene (mass fraction) of ≤0.05%, etc. For some indicators, only reporting is required [94]. 14. DCE Pure Benzene Futures Margin and Position - Limit Standards - The minimum trading margin standard for pure benzene futures contracts is 5% of the contract value, with different margin standards at different trading stages [95]. - The position - limit standards vary at different trading times, with the maximum unilateral position of non - futures company members and customers limited [95].