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纯苯:四季度偏弱
Guo Tai Jun An Qi Huo·2025-09-18 01:43

Report Summary 1) Industry Investment Rating - The trend strength of pure benzene is 0, indicating a neutral outlook. The report suggests that pure benzene will be weak in the fourth quarter [2]. 2) Core View - The report analyzes the fundamentals of pure benzene, including futures prices, price spreads, port inventories, and market news. It concludes that pure benzene will be weak in the fourth quarter [1][2]. 3) Summary by Relevant Catalogs [Fundamental Tracking] - Futures prices: BZ2603, BZ2604, and paper - based prices (N + 1, N + 2) decreased, while BZ2605 remained unchanged. Price spreads such as BZ2603 - EB2508 and BZ2604 - BZ2605 also changed [1]. - Port inventories: Pure benzene's East - China port inventory decreased by 10,000 tons to 134,000 tons, and styrene's East - China port inventory increased by 6,760 tons to 133,690 tons [1]. - Price differences: The price difference between Shandong pure benzene and hydrogenated benzene decreased by 100, and the difference between Shandong and East - China pure benzene increased by 25 [1]. [News] - As of September 15, 2025, Jiangsu's pure benzene port inventory decreased by 10,000 tons (6.94% MoM) to 134,000 tons, up 168% YoY. Jiangsu's styrene port inventory decreased by 17,500 tons (9.92% MoM) to 159,000 tons [2]. - On September 15, Shandong's non - long - term pure benzene non - long - association trading volume was about 1,700 tons, with an average price of 6,005 yuan/ton, up 35 yuan/ton. East - China's pure benzene spot and forward prices also increased [2].