Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-11-04 09:05Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints - The overall supply pressure of pure benzene is at a relatively high level due to limited planned maintenance capacity of petroleum benzene and hydrogenated benzene in November and continuous inflow of low - priced overseas sources. The domestic pure benzene production is expected to increase month - on - month as the load of East China petroleum benzene devices rises and some shutdown hydrogenated benzene devices restart. However, the terminal demand is weak, and downstream consumption is difficult to grow, with downstream devices expected to maintain low - level operation. The short - term BZ2603 is expected to show a volatile trend, with technical attention on the previous low support around 5430 and the previous high pressure around 5640 [2]. 3. Summary by Related Catalogs Futures Market - The main closing price of pure benzene is 5438 yuan/ton, down 68 yuan; the main settlement price is 5466 yuan/ton, down 50 yuan. The main trading volume is 9882 lots, an increase of 1859 lots; the main open interest is 16566 lots, an increase of 37 lots [2]. Spot Market - In the domestic market, the mainstream price of pure benzene in the East China market is 5438 yuan/ton, in the South China market is 5420 - 5450 yuan/ton (up 70 yuan), in the North China market is 5230 yuan/ton (up 60 yuan), and in the Northeast region is 5215 yuan/ton (up 49 yuan). The mainstream price of hydrogenated benzene in Jiangsu is 5425 yuan/ton (up 50 yuan), and in Shanxi is 4900 yuan/ton. The offshore intermediate price of pure benzene in South Korea is 663 US dollars/ton (up 3 US dollars), and the CFR intermediate price of pure benzene in China is 681.23 US dollars/ton (up 3.94 US dollars) [2]. Upstream Situation - The spot price of Brent DTD crude oil is 66.13 US dollars/barrel, up 0.4 US dollars; the CFR intermediate price of naphtha in Japan is 582.38 US dollars/ton, up 1.88 US dollars [2]. Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13 percentage points; the weekly output is 42.89 million tons, up 0.28 million tons. The port inventory of pure benzene is 8.5 million tons, down 1.4 million tons. The production cost is 5327.8 yuan/ton, down 118.2 yuan; the production profit is 737 yuan/ton, up 76 yuan [2]. Downstream Situation - The total开工率 of styrene is 66.72%, down 2.53 percentage points; the capacity utilization rate of caprolactam is 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol is 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline is 69.24%, down 0.1 percentage point; the capacity utilization rate of adipic acid is 64.3%, up 2 percentage points [2]. Industry News - From October 25th to 31st, the operating rate of petroleum benzene increased by 1.37% to 74.10%, and the operating rate of hydrogenated benzene decreased by 7.79% to 55.67%. The weighted operating rate of pure benzene downstream decreased by 1.22% to 72.18%. As of November 3rd, the pure benzene port inventory in Jiangsu increased by 42.35% to 12.1 million tons. From October 25th to 31st, the profit of petroleum benzene decreased by 217 yuan/ton to 168 yuan/ton [2].