Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-07-15 09:35Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 dropped 1.05% to close at 6,144 yuan/ton. The supply side saw an expanded impact of shutdowns in petroleum benzene plants last week, with the capacity utilization rate decreasing by 0.29% to 77.85%. For hydrobenzene, 3 sets of devices stopped, and the capacity utilization rate dropped by 9.32% to 61.95%. On the demand side, the operating rates of pure benzene downstream varied last week. In terms of inventory, the pure benzene inventory at East China ports decreased by 5.75% to 164,000 tons this week. With an increase in domestic petroleum benzene and hydrobenzene maintenance devices this week, the capacity utilization rate is expected to continue to decline. Due to the restart of large domestic plants and a continuous high volume of ships arriving at ports, pure benzene remains in a state of loose supply. Downstream demand is limited, mainly supported by styrene and caprolactam. There are plans for new downstream device startups this month, which may improve the future supply - demand contradiction. In terms of cost, the global crude oil supply - demand is generally weak, but geopolitical uncertainties still affect short - term oil prices. In the short term, the low - valued spot situation caused by weak supply - demand may continue. The pure benzene spot price is expected to fluctuate at a low level this week. Pay attention to the implementation of new downstream production capacity in the future. BZ2603 is expected to show a volatile trend, with the daily operating range expected to be around 6,100 - 6,300 [2]. Summary by Relevant Catalogs Futures Market - The main closing price of pure benzene was 6,144 yuan/ton, a decrease of 45 yuan; the main settlement price was 6,166 yuan/ton, a decrease of 43 yuan. The main trading volume was 24,596 lots, a decrease of 13,009 lots; the main open interest was 13,970 lots, a decrease of 790 lots [2]. Spot Market - The mainstream price of pure benzene in the East China market was 5,965 yuan/ton, an increase of 5 yuan; in the South China market, it was 5,950 yuan/ton; in the North China market, it was 5,860 yuan/ton; in the Northeast region, it was 5,850 yuan/ton. The spot price of pure benzene in South Korea (FOB) was 727 US dollars/ton, and the CIF price in China was 744.5 US dollars/ton, an increase of 6 US dollars/ton [2]. Upstream Situation - The spot price of Brent DTD crude oil was 71.45 US dollars/barrel, a decrease of 1.19 US dollars; the CFR intermediate price of naphtha in the Japanese region was 597 US dollars/ton, an increase of 12.75 US dollars [2]. Industry Situation - The capacity utilization rate of pure benzene was 78.14%, an increase of 0.13%; the weekly output was 431,700 tons, a decrease of 1,600 tons. The port inventory of pure benzene was 174,000 tons, a decrease of 3,000 tons. The production cost was 5,327.8 yuan/ton, a decrease of 118.2 yuan/ton; the production profit was 737 yuan/ton, an increase of 76 yuan/ton [2]. Downstream Situation - The operating rate of styrene was 79.21%, a decrease of 0.82%; the capacity utilization rate of caprolactam was 95.72%, an increase of 6.41%; the capacity utilization rate of phenol was 78.54%, a decrease of 0.46%; the capacity utilization rate of aniline was 69.24%, a decrease of 0.1%; the capacity utilization rate of adipic acid was 64.3%, an increase of 2 [2]. Industry News - From July 4th to 10th, the weekly profit of pure benzene was 584 yuan/ton, a decrease of 153 yuan/ton compared to the previous period. As of July 14th, the commercial inventory of pure benzene at Jiangsu port samples was 164,000 tons, a decrease of 5.75% compared to the previous period [2].