纯苯：易跌难涨

Report Industry Investment Rating No information provided Core View of the Report The report predicts that the pure benzene futures 2603 contract is likely to decline and difficult to rise, and may continue the weak oscillation pattern in the short term due to the US federal government's "shutdown", the significant decline in international crude oil prices, the expected increase in domestic and foreign pure benzene supply, and the weak downstream demand [4]. Summary by Relevant Catalog Supply Situation - External systemic risks have put pressure on crude oil prices, weakening the cost support for pure benzene and causing the price of the 2603 contract to decline [2]. - The US tariff war has changed the global petrochemical trade pattern. South Korea has shifted its export focus to Asia, especially China. China's pure benzene imports are expected to rise again in the short term [2]. - Domestic pure benzene supply is increasing. The output of petroleum benzene is rising steadily, and the overall supply pattern of pure benzene remains loose [3]. Demand Situation - The downstream demand for pure benzene is weak. The procurement demand from the largest consumer, styrene, has decreased, and other downstream industries are generally in a loss state, making it difficult to reverse the weak demand situation [3]. Inventory Situation - Due to the weak supply - demand situation, the domestic pure benzene inventory remains high. Although the inventory in East China ports has decreased, it is still at a relatively high level compared to the same period last year [3].