Workflow
瑞达期货纯苯产业日报-20250826

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 oscillated downward, closing at 6,156 yuan/ton. The supply side was affected by the expansion of the restart of previous petroleum benzene units, with the capacity utilization rate of petroleum benzene increasing by 0.98% week-on-week to 78.99%. In North China, the number of hydrogenated benzene units that stopped or reduced production increased, and the capacity utilization rate decreased by 5.03% week-on-week to 57.69%. On the demand side, the operating rates of pure benzene downstream industries changed differently last week, and the weighted operating rate of pure benzene downstream industries increased by 0.19% week-on-week to 78.42%. In terms of inventory, the inventory of pure benzene in East China ports decreased by 4.17% week-on-week to 138,000 tons. This week, petroleum benzene units are expected to operate stably, and there will be both shutdown and restart of hydrogenated benzene units. Overall, the domestic pure benzene production is expected to change little. The arrival volume of imported pure benzene in East China will increase, and the supply of pure benzene may remain loose. Terminal demand is insufficient, and all five major downstream industries of pure benzene are in a loss state, so pure benzene consumption may continue to be weak. The situation of strong supply and weak demand of domestic pure benzene is expected to continue, putting pressure on prices. In terms of cost, the recent international oil prices have rebounded due to geopolitical and crude oil supply risks caused by Ukraine's attack on Russian refineries. In the short term, BZ2603 is expected to oscillate, and technically, attention should be paid to the support around 6,100 and the resistance around 6,300 [2] Summary by Directory Futures Market - The closing price of the main contract of pure benzene was 6,156 yuan/ton, a decrease of 50 yuan; the settlement price was 6,195 yuan/ton, a decrease of 22 yuan. The trading volume was 4,763 lots, a decrease of 573 lots; the open interest was 13,195 lots, an increase of 131 lots. The mainstream prices of pure benzene in the East China, North China, South China, and Northeast markets were 6,055 yuan/ton (down 30 yuan), 6,130 yuan/ton (down 30 yuan), 6,150 yuan/ton (unchanged), and 6,120 yuan/ton (down 25 yuan) respectively [2] Spot Market - The spot price of pure benzene in South Korea's FOB mid - price was 735 US dollars/ton, an increase of 1 US dollar; the CFR mid - price of pure benzene in China was 750.5 US dollars/ton, unchanged [2] Upstream Situation - The spot price of Brent DTD crude oil was 68.49 US dollars/barrel, an increase of 0.21 US dollars; the CFR mid - price of naphtha in Japan was 592.5 US dollars/ton, an increase of 5.5 US dollars [2] Industry Situation - The capacity utilization rate of pure benzene was 78.14%, an increase of 0.13 percentage points; the weekly output was 450,800 tons, an increase of 5,600 tons. The port inventory of pure benzene was 144,000 tons, a decrease of 2,000 tons. The production cost of pure benzene was 5,327.8 yuan/ton, a decrease of 118.2 yuan; the production profit was 737 yuan/ton, an increase of 76 yuan [2] Downstream Situation - The operating rate of styrene was 78.53%, an increase of 0.35 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 15th to 21st, the profit of petroleum benzene of PetroChina was 707 yuan/ton, an increase of 18 yuan/ton compared with the previous week. As of August 25th, the total commercial inventory of pure benzene in Jiangsu port samples was 138,000 tons, a decrease of 4.17% from the previous period [2]