瑞达期货纯苯产业日报-20250917

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View - BZ2603 fluctuated weakly and closed at 6,057 yuan/ton. Supply is expected to increase slightly this week, with the restart of some downstream plants potentially narrowing the supply - demand gap in the short term. However, the demand recovery may be limited due to the styrene maintenance cycle from late - September to October. Pre - holiday stocking demand may support prices. International oil prices are strong, and positive macro - factors are emerging [2]. 3. Summary by Directory 3.1 Futures Market - The main closing price of pure benzene was 6,057 yuan/ton, down 16 yuan; the main settlement price was 6,069 yuan/ton, down 9 yuan. The main trading volume was 2,238 lots, down 2,681 lots; the main open interest was 12,075 lots, down 47 lots [2]. 3.2 Spot Market - The mainstream prices in East China, North China, South China, and Northeast China were 5,990 yuan/ton, 6,050 yuan/ton, 5,900 yuan/ton, and 6,045 yuan/ton respectively. The price in Northeast China increased by 10 yuan/ton. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi were 6,125 yuan/ton and remained unchanged respectively. The FOB mid - price in South Korea was 721 US dollars/ton, up 3 US dollars/ton; the CFR mid - price in China was 740.5 US dollars/ton, up 2 US dollars/ton [2]. 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 68.65 US dollars/barrel, unchanged. The CFR mid - price of naphtha in Japan was 604.88 US dollars/ton, down 3.62 US dollars/ton [2]. 3.4 Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13%. The weekly output was 45.55 million tons, up 0.22 million tons. The port inventory was 14.4 million tons, down 0.5 million tons. The production cost was 5,327.8 yuan/ton, down 118.2 yuan/ton, and the production profit was 737 yuan/ton, up 76 yuan/ton [2]. 3.5 Downstream Situation - The开工率 of styrene was 74.98%, down 4.76%. The capacity utilization rates of caprolactam, phenol, aniline, and adipic acid were 95.72% (up 6.41%), 78.54% (down 0.46%), 69.24% (down 0.1%), and 64.3% (up 2%) respectively [2]. 3.6 Industry News - As of September 15, the pure benzene port inventory in Jiangsu was 13.4 million tons, a week - on - week decrease of 6.94%. From September 5 - 11, the profit of petroleum benzene of PetroChina was 443 yuan/ton, a week - on - week decrease of 69 yuan/ton [2]. 3.7 Outlook - This week, the operating loads of domestic petroleum benzene and hydrogenated benzene plants are expected to increase, and the number of imported cargo arrivals is expected to decrease. Some downstream plants such as styrene, caprolactam, and aniline will restart. However, styrene is in the maintenance cycle from late - September to October, which may limit the demand recovery. Pre - holiday stocking demand may support prices. International oil prices are strong due to geopolitical conflicts, and positive macro - factors such as smooth Sino - US - Spanish talks and upcoming domestic policies are emerging [2].