瑞达期货纯苯产业日报-20251022

1. Report Industry Investment Rating - No relevant information is provided in the content 2. Core Viewpoints of the Report - The domestic pure benzene production has decreased. Last week, the operating rates of downstream products such as styrene, caprolactam, aniline, and adipic acid declined to varying degrees, while the phenol operating rate remained stable. Overall, the weighted operating rate of pure benzene downstream decreased. The inventory in the East China pure benzene port has rebounded, and the inventory pressure is moderately high. The profit of petroleum benzene has slightly recovered but is still at a low - valued level due to weak supply and demand. This week, the impact of maintenance of petroleum benzene plants has slightly increased, and some maintenance - suspended hydrogenated benzene plants have restarted. The domestic pure benzene production is expected to increase slightly. Since a large amount of styrene production capacity is still under maintenance, and the loads of other downstream plants are expected to decline, the demand side is expected to remain weak in the short term. In terms of cost, there is still uncertainty in the Russia - Ukraine peace talks, and the situation in Venezuela may deteriorate, causing a significant increase in international oil prices during the day. In the short term, BZ2603 is expected to fluctuate strongly following the oil price, and technically, attention should be paid to the previous high pressure around 5665 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main pure benzene contract was 5563 yuan/ton, with a week - on - week increase of 87 yuan/ton; the settlement price was 5521 yuan/ton, with a week - on - week increase of 39 yuan/ton. The trading volume was 7744 lots, a decrease of 2081 lots compared to the previous period; the open interest was 13581 lots, a decrease of 829 lots compared to the previous period [2] 3.2 Spot Market - The mainstream price of hydrogenated benzene in Jiangsu was unchanged; the mainstream prices of pure benzene in East China, South China, North China, and Northeast China were 5435 yuan/ton, 5450 yuan/ton, 5300 yuan/ton, and 5288 yuan/ton respectively, with week - on - week decreases of 100 yuan/ton, 200 yuan/ton, 40 yuan/ton, and 53 yuan/ton. The mainstream price of hydrogenated benzene in Shanxi was 5290 yuan/ton, unchanged. The FOB mid - price of Korean pure benzene was 668 US dollars/ton, unchanged; the CFR mid - price of Chinese pure benzene was 674 US dollars/ton, a week - on - week decrease of 10.1 US dollars/ton [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 61.28 US dollars/barrel, unchanged; the CFR mid - price of naphtha in the Japanese region was 537 US dollars/ton, a week - on - week decrease of 8.5 US dollars/ton [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene was 78.14%, with a week - on - week increase of 0.13 percentage points; the weekly output was 43.8 tons, a decrease of 2.22 tons compared to the previous period. The port inventory at the end of the week was 9 tons, a decrease of 0.1 tons compared to the previous period. The production cost was 5327.8 yuan/ton, a week - on - week decrease of 118.2 yuan/ton; the production profit was 737 yuan/ton, a week - on - week increase of 76 yuan/ton [2] 3.5 Downstream Situation - The operating rate of styrene was 71.88%, a week - on - week decrease of 1.73 percentage points; the capacity utilization rate of caprolactam was 95.72%, a week - on - week increase of 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, a week - on - week decrease of 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, a week - on - week decrease of 0.1 percentage point; the capacity utilization rate of adipic acid was 64.3%, a week - on - week increase of 2 percentage points [2] 3.6 Industry News - From October 11th to 17th, the capacity utilization rate of petroleum benzene decreased by 3.81 percentage points to 75.48% week - on - week, and the capacity utilization rate of hydrogenated benzene decreased by 0.85 percentage points to 62.39% week - on - week. The operating rates of pure benzene downstream products such as styrene, caprolactam, aniline, and adipic acid decreased week - on - week, while the phenol operating rate remained stable. The weighted operating rate of pure benzene downstream decreased by 2.35 percentage points to 75.37% week - on - week. Driven by the increase in oil prices, BZ2603 rose 1.48% to close at 5563 yuan/ton. As of October 20th, the inventory of pure benzene in East China ports was 9.9 tons, a week - on - week increase of 10%. From October 10th to 16th, the profit of petroleum benzene increased by 33 yuan/ton to 347 yuan/ton compared to the previous week [2]