Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - BZ2603 is expected to fluctuate weakly, with the range estimated to be around 5950 - 6100 yuan/ton. The short - term supply - demand contradiction intensifies, and the expectation of spot price decline is clear. The supply and cost are weak, and the global crude oil supply - demand is weak, although short - term Middle East geopolitical deterioration still supports oil prices to some extent [2]. 3. Summary by Relevant Catalogs Futures Market - The main closing price of pure benzene is 6010 yuan/ton, down 37 yuan; the main settlement price is 6002 yuan/ton, down 63 yuan. The main trading volume is 7664 lots, up 2344 lots; the main open interest is 13278 lots, down 140 lots [2]. Spot Market - The mainstream prices of pure benzene in East China, North China, South China, and Northeast China are 5930 yuan/ton (down 30 yuan), 6000 yuan/ton (down 50 yuan), 6000 yuan/ton (unchanged), and 5955 yuan/ton (down 20 yuan) respectively. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi are 6050 yuan/ton (down 25 yuan) and 5840 yuan/ton (unchanged) respectively. The FOB middle price of pure benzene in South Korea is 724 dollars/ton, down 2 dollars; the CFR middle price of pure benzene in China is 739.5 dollars/ton, down 2 dollars [2]. Upstream Situation - The spot price of Brent DTD crude oil is 68.1 dollars/barrel, up 0.57 dollars; the CFR middle price of naphtha in Japan is 597.38 dollars/ton, up 3.5 dollars [2]. Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13%; the weekly output is 45.19 tons, up 0.11 tons. The port inventory of pure benzene is 13.8 tons, down 0.6 tons. The production cost is 5327.8 yuan/ton, down 118.2 yuan; the production profit is 737 yuan/ton, up 76 yuan [2]. Downstream Situation - The开工率 of styrene is 78.07%, down 0.46%; the capacity utilization rate of caprolactam is 95.72%, up 6.41%; the capacity utilization rate of phenol is 78.54%, down 0.46%; the capacity utilization rate of aniline is 69.24%, down 0.1%; the capacity utilization rate of adipic acid is 64.3%, up 2% [2]. Industry News - As of September 1st, the commercial inventory of pure benzene ports in Jiangsu is 14.9 tons, up 7.97% month - on - month and 119.12% year - on - year. From August 22nd to 28th, the profit of petroleum benzene is 671 yuan/ton, down 36 yuan/ton month - on - month [2]. - BZ2603 fell and then rebounded, closing at 6010 yuan/ton. On the supply side, last week, domestic petroleum benzene plants mainly operated stably, with the capacity utilization rate up 0.19% to 79.18%; some hydrogenated benzene plants reduced loads or stopped production, with the capacity utilization rate down 1.57% to 56.12%. On the demand side, the operating rates of pure benzene downstream decreased to varying degrees, with the weighted operating rate of pure benzene downstream down 1.46% to 76.96%. The inventory of pure benzene in East China ports decreased 4.17% to 13.8 tons [2].
瑞达期货纯苯产业日报-20250901