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瑞达期货纯苯产业日报-20250722
Rui Da Qi Huo·2025-07-22 09:27

Report Summary 1. Investment Rating No investment rating is provided in the report. 2. Core View The supply and demand of pure benzene have a marginal improvement expectation, but overall, it remains in a state where supply exceeds demand, and the spot valuation is expected to remain low. The weak reality of pure benzene is in a game with strong expectations, and attention should be paid to the pressure around 6360 yuan/ton [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the pure benzene futures main contract was 6278 yuan/ton, up 37 yuan; the settlement price was 6238 yuan/ton, up 19 yuan [2]. - The trading volume of the pure benzene futures main contract was 20,494 lots, down 611 lots; the open interest was 13,685 lots, up 775 lots [2]. 3.2 Spot Market - The mainstream price of pure benzene in the East China market was 6010 yuan/ton, with no change; in the North China market, it was 5860 yuan/ton, up 5 yuan; in the South China market, it was 5950 yuan/ton, with no change; in the Northeast region, it was 5850 yuan/ton, up 5 yuan [2]. - The spot price of pure benzene in South Korea's FOB intermediate price was 731 dollars/ton, up 7 dollars; the CFR intermediate price in China was 746.5 dollars/ton, up 6 dollars [2]. 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 70.75 dollars/barrel, down 0.53 dollars; the CFR intermediate price of naphtha in the Japanese region was 572.88 dollars/ton, down 3.5 dollars [2]. 3.4 Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 43.52 tons, up 0.35 tons [2]. - The port inventory of pure benzene was 16.4 tons, down 1 ton; the production cost was 5327.8 yuan/ton, down 118.2 yuan; the production profit was 737 yuan/ton, up 76 yuan [2]. 3.5 Downstream Situation - The operating rate of styrene was 78.3%, down 0.91 percentage points; the capacity utilization rate of caprolactam was 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, down 0.1 percentage points; the capacity utilization rate of adipic acid was 64.3%, up 2 percentage points [2]. 3.6 Industry News - From July 11th to 17th, the profit of domestic petroleum benzene increased by 6 yuan/ton to 590 yuan/ton [2]. - As of July 21st, the total commercial inventory of pure benzene in Jiangsu port samples was 17.1 tons, a week-on-week increase of 4.21% [2]. - Affected by the policy expectation of eliminating backward production capacity in ten key industries, the main industrial products futures rose during the day, with BZ2603 rising 0.95% to close at 6278 yuan/ton. On the supply side, last week, the capacity utilization rate of petroleum benzene increased by 0.20 percentage points week-on-week to 78.05%, and the capacity utilization rate of hydrogenated benzene increased by 2.51 percentage points week-on-week to 64.46%. On the demand side, the operating rates of pure benzene downstream varied last week, and the weighted operating rate of downstream changed little. In terms of inventory, the inventory of pure benzene in East China ports increased by 4.21% week-on-week to 17.1 tons. This week, the total output of domestic petroleum benzene and hydrogenated benzene is expected to decline slightly due to maintenance, and the volume of imported ships is expected to increase. The pure benzene spot may maintain a state of loose supply. Some downstream shutdown devices will restart, and there are plans to put new downstream devices into production this month, so the demand side is expected to increase [2].