Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-09-22 09:46Report Category - This is a daily report on the pure benzene industry [1] Core Viewpoint - BZ2603 showed a weak oscillation, closing at 5921 yuan/ton. Last week, two new petroleum benzene plants were shut down, and some hydrobenzene plants restarted, resulting in a decline in domestic pure benzene supply. The weighted operating rate of downstream products increased slightly. The port inventory of pure benzene decreased. This week, some petroleum benzene and hydrobenzene plants are expected to restart, and the number of imported cargo arrivals is expected to increase, so the supply of pure benzene is expected to rise. The five major downstream devices are expected to increase their loads, which may drive short - term demand up. In the long - term, the large - scale production capacity of styrene is in the rotation maintenance cycle, limiting the increase in pure benzene demand. Near the National Day, the pre - holiday stocking demand of downstream enterprises may support the price of pure benzene. In terms of cost, the impact of OPEC+ production increase continues, and the long - term expectation of strong global crude oil supply over demand puts pressure on oil prices, but the short - term geopolitical situation is still uncertain. In the short term, the supply - demand of pure benzene has marginal improvement but is difficult to drive up prices. BZ2603 is expected to oscillate, with the daily operating range expected to be around 5900 - 5980 [2] Data Summary Futures Market - The closing price of the main pure benzene contract was 5921 yuan/ton, down 45 yuan; the settlement price was 5922 yuan/ton, down 57 yuan; the trading volume was 2420 lots, and the open interest was 13202 lots [2] Spot Market - The mainstream prices of pure benzene in the East China, North China, South China, and Northeast regions were 5885 yuan/ton, 6010 yuan/ton, 5900 yuan/ton, and 5956 yuan/ton respectively, with changes of 0, - 40, 0, and - 44 yuan/ton. The mainstream prices of hydrobenzene in Jiangsu and Shanxi regions were 6050 yuan/ton and 5800 yuan/ton respectively, with the former down 50 yuan/ton. The offshore intermediate price of pure benzene in South Korea was 713 dollars/ton, down 6 dollars/ton, and the CFR intermediate price of pure benzene in China was 731.5 dollars/ton, down 6 dollars/ton [2] Upstream Situation - The spot price of Brent DTD crude oil was 67.18 dollars/barrel, down 0.6 dollars/barrel; the CFR intermediate price of naphtha in Japan was 596.75 dollars/ton, down 2.63 dollars/ton [2] Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 45.01 tons, down 0.54 tons; the port inventory was 13.4 tons, down 1 ton; the production cost was 5327.8 yuan/ton, down 118.2 yuan/ton; the production profit was 737 yuan/ton, up 76 yuan/ton [2] Downstream Situation - The operating rates of styrene, caprolactam, phenol, aniline, and adipic acid were 73.44%, 95.72%, 78.54%, 69.24%, and 64.3% respectively, with changes of - 1.54, + 6.41, - 0.46, - 0.1, and + 2 percentage points [2] Industry News - From September 12th to 18th, the capacity utilization rate of petroleum benzene in China decreased by 0.94% to 78.35%, and the capacity utilization rate of hydrobenzene increased by 5.35% to 59.94%. The weighted operating rate of pure benzene downstream increased by 0.74% to 74.29%. As of September 22nd, the pure benzene port inventory in Jiangsu was 10.7 tons, a week - on - week decrease of 20.15%. From September 12th to 18th, the profit of petroleum benzene decreased by 18 yuan/ton to 425 yuan/ton [2]