Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-09-23 09:04Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 oscillated weakly, closing at RMB 5,870 per 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 week-on-week. The weighted operating rate of downstream industries increased slightly. Port inventory decreased due to fewer arrivals and more pick - ups. This week, some petroleum benzene and hydrobenzene plants are expected to restart, and the number of imported cargo arrivals is expected to increase, so pure benzene supply is expected to rise week - on - week. The five major downstream plants have the expectation of increasing loads, which may drive short - term demand up. In the medium and long term, the large - scale capacity of styrene is in the rotation maintenance cycle, limiting the increase space of pure benzene demand. Near the National Day, the pre - festival stocking demand of downstream enterprises may support the pure benzene price. In terms of cost, the impact of OPEC+ production increase continues, and the medium and long - term expectation of strong global crude oil supply over demand puts pressure on oil prices, but there is still uncertainty in short - term geopolitical situations. In the short term, the supply - demand of pure benzene has marginal improvement, but it is difficult to form a driving force for price increase. The daily operating range of BZ2603 is expected to be around RMB 5,830 - 5,910 [2] Summary by Relevant Catalogs Futures Market - The closing price of the main pure benzene contract was RMB 5,870 per ton, a decrease of RMB 51; the settlement price was RMB 5,865 per ton, a decrease of RMB 57. The trading volume of the main contract was 6,061 lots, an increase of 147 lots [2] Spot Market - The mainstream prices in the East China, North China, South China, and Northeast regions were RMB 6,061, RMB 13,466, RMB 5,885 - 5,900, and RMB 6,010 - 5,931 per ton respectively. The mainstream prices of hydrobenzene in Jiangsu and Shanxi regions were RMB 6,025 and RMB 5,800 per ton respectively. The FOB mid - price in South Korea was USD 710 per ton, a decrease of USD 3; the CFR mid - price in China was USD 727.5 per ton, a decrease of USD 4 [2] Upstream Situation - The spot price of Brent DTD crude oil was USD 66.91 per barrel, a decrease of USD 0.27; the CFR mid - price of naphtha in Japan was USD 595.63 per ton, a decrease of USD 1.12 [2] Industry Situation - The capacity utilization rate of pure benzene was 78.14%, an increase of 0.13 percentage points; the weekly output was 450,100 tons, a decrease of 5,400 tons. The port inventory was 134,000 tons, a decrease of 10,000 tons. The production cost was RMB 5,327.8 per ton, a decrease of RMB 118.2; the production profit was RMB 737 per ton, an increase of RMB 76 [2] Downstream Situation - The operating rate of styrene was 73.44%, a decrease of 1.54 percentage points; the capacity utilization rates of caprolactam, phenol, aniline, and adipic acid were 95.72% (an increase of 6.41 percentage points), 78.54% (a decrease of 0.46 percentage points), 69.24% (a decrease of 0.1 percentage point), and 64.3% (an increase of 2 percentage points) respectively [2] Industry News - From September 12th to 18th, the capacity utilization rate of petroleum benzene in China decreased by 0.94 percentage points to 78.35%, and the capacity utilization rate of hydrobenzene increased by 5.35 percentage points to 59.94%. The weighted operating rate of pure benzene downstream increased by 0.74 percentage points to 74.29%. As of September 22nd, the pure benzene port inventory in Jiangsu was 107,000 tons, a decrease of 20.15% week - on - week. From September 12th to 18th, the profit of petroleum benzene decreased by RMB 18 per ton to RMB 425 per ton [2]