瑞达期货纯苯产业日报-20250811

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 showed a fluctuating upward trend and closed at 6,230 yuan/ton. In the short term, the pure benzene price is supported. Technically, BZ2603 should focus on the support near 6,100 and the resistance near 6,350 [2]. - In the supply side, new plants of Yulong and Jingbo started production this week, and some plants in East China restarted. The capacity utilization rate of petroleum benzene increased by 0.21% week-on-week to 78.79%. The number of domestic hydrobenzene shutdown plants increased, and the capacity utilization rate of hydrobenzene decreased by 3.29% week-on-week to 59.66%. Domestic pure benzene supply is expected to increase week-on-week. The small number of imported cargo arrivals may partially offset the domestic increase [2]. - In the demand side, the operating rate of pure benzene downstream mainly decreased last week, and the weighted operating rate of pure benzene downstream decreased by 1.22% week-on-week to 76.74%. Next week, the five major downstream industries of pure benzene will have intensive restarts of maintenance plants, and the consumption of pure benzene is expected to increase week-on-week [2]. - In the long - term, the converted production capacity of new downstream plants of pure benzene in August is higher than that of pure benzene, which gives an improving trend to the supply - demand of pure benzene, and the spot supply - demand gap may gradually shrink [2]. - In terms of cost, affected by the continuous increase in production by OPEC+ and the remaining demand in the US fuel peak season, and with the upcoming meeting between the leaders of the US and Russia, international oil prices are expected to fluctuate [2]. Summary by Related Catalogs Futures Market - The closing price of the main contract of pure benzene was 6,230 yuan/ton, with a week - on - week increase of 26 yuan/ton; the settlement price was 6,231 yuan/ton, with no change. The trading volume was 5,637 lots, an increase of 522 lots; the open interest was 13,779 lots, a decrease of 422 lots [2]. Spot Market - The mainstream price of pure benzene in the East China market was 6,115 yuan/ton, with no change; in the North China market, it was 6,160 yuan/ton, with no change; in the South China market, it was 6,050 yuan/ton, with no change; in the Northeast region, it was 6,135 yuan/ton, a decrease of 10 yuan/ton. The spot price of pure benzene in South Korea's FOB was 733 US dollars/ton, a decrease of 4 US dollars/ton; the CIF price in China was 746.5 US dollars/ton, a decrease of 3 US dollars/ton [2]. Upstream Situation - The spot price of Brent DTD crude oil was 68.16 US dollars/barrel, an increase of 0.13 US dollars/barrel. The CFR intermediate price of naphtha in the Japanese region was 570.5 US dollars/ton, a decrease of 0.5 US dollars/ton [2]. Industry Situation - The capacity utilization rate of pure benzene was 78.14%, an increase of 0.13 percentage points. The weekly output was 44.6 tons, an increase of 1.03 tons. The port inventory of pure benzene was 16.3 tons, a decrease of 0.7 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 77.73%, a decrease of 1.19 percentage points; the capacity utilization rate of caprolactam was 95.72%, an increase of 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, a decrease of 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, a decrease of 0.1 percentage point; the capacity utilization rate of adipic acid was 64.3%, an increase of 2 percentage points [2]. Industry News - From August 1st to 7th, the profit of PetroChina's pure benzene was 576 yuan/ton, a decrease of 67 yuan/ton compared with last week [2]. - As of August 11th, the total commercial inventory of pure benzene in Jiangsu ports was 14.6 tons, a decrease of 10.43% from the previous period [2].