瑞达期货纯苯产业日报-20250930

Report Summary - Report Date: September 30, 2025 [1] - Report Type: Pure Benzene Industry Daily Report 1. Report Industry Investment Rating -no relevant content 2. Report's Core View - Domestic pure benzene supply is expected to rise in October, with reduced impact from domestic petroleum benzene plant overhauls and stable operation of North China hydrobenzene plants after the end of early - September production restrictions [2] - New downstream plants for styrene, caprolactam, and phenol are planned to be put into operation, with a higher converted production capacity than that of pure benzene, showing a medium - to - long - term trend of supply - demand improvement. However, large - scale styrene plants are still in the overhaul period, limiting the demand growth space for pure benzene [2] - Due to the continuous impact of OPEC+ production increases, the global crude oil market may face a long - term situation of supply exceeding demand, but geopolitical uncertainties in the Middle East and Russia - Ukraine may provide short - term support for oil prices [2] - Overall, the improvement of the domestic pure benzene supply - demand contradiction is limited, and BZ2603 is expected to fluctuate weakly in the low - valuation range. Attention should be paid to the impact of international oil price trends during the holiday on the post - holiday opening [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the pure benzene futures main contract was 5,800 yuan/ton, down 85 yuan; the settlement price was 5,801 yuan/ton, down 94 yuan [2] - The trading volume of the pure benzene futures main contract was 5,583 lots, an increase of 2,204 lots; the open interest was 12,379 lots, an increase of 124 lots [2] 3.2 Spot Market - The mainstream prices of pure benzene in the East China, North China, South China, and Northeast regions were 5,860 yuan/ton, 5,870 yuan/ton, 5,900 yuan/ton, and 5,802 yuan/ton respectively, with changes of 0, 0, 0, and - 41 yuan/ton [2] - The mainstream prices of hydrobenzene in Jiangsu and Shanxi regions were 5,925 yuan/ton and 5,740 yuan/ton respectively, with the former down 50 yuan/ton [2] - The FOB mid - price of pure benzene in South Korea was 707 US dollars/ton, down 1 US dollar/ton; the CFR mid - price of pure benzene in China was 722.5 US dollars/ton, down 1 US dollar/ton [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 69.15 US dollars/barrel, down 2.88 US dollars/barrel; the CFR mid - price of naphtha in the Japanese region was 607.25 US dollars/ton, down 0.75 US dollars/ton [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 45.54 tons, up 0.53 tons [2] - The port inventory of pure benzene was 10.7 tons, down 2.7 tons; the production cost was 5,327.8 yuan/ton, down 118.2 yuan/ton; the production profit was 737 yuan/ton, up 76 yuan/ton [2] 3.5 Downstream Situation - The开工率 of styrene was 73.24%, down 0.2 percentage points; the capacity utilization rates of caprolactam, phenol, aniline, and adipic acid were 95.72% (up 6.41 percentage points), 78.54% (down 0.46 percentage points), 69.24% (down 0.1 percentage points), and 64.3% (up 2 percentage points) respectively [2] 3.6 Industry News - From September 19th to 25th, the capacity utilization rate of pure benzene increased by 1.22% to 79.27% week - on - week, and the capacity utilization rate of hydrobenzene increased by 4.05% to 63.99% week - on - week [2] - From September 19th to 25th, the weighted开工率 of pure benzene downstream decreased by 1.24% to 76.37% week - on - week [2] - As of September 29th, the total commercial inventory of pure benzene in Jiangsu port samples was 10.6 tons, a week - on - week decrease of 0.93% [2] - From September 19th to 25th, the profit of petroleum benzene was 419 yuan/ton, a week - on - week decrease of 6 yuan/ton [2]