纯苯，延续偏弱震荡走势

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Due to the lack of fundamental support, the pure benzene futures 2603 contract is on a slow bottom - seeking path. Affected by increased external import pressure and weak downstream demand, it is expected to continue its weak trend [2]. - The pure benzene market is facing severe challenges in the short term. With huge pressure from the supply side and intensified negative feedback from the demand side, under the dual pressure of collapsing crude oil costs and a continuously loose fundamental situation, the price trend has evolved from "cyclical fluctuations" to a deep bottom - seeking of "structural surplus" [6]. Group 3: Summary According to Related Catalogs Supply Side - In recent years, the concentrated commissioning of refining and chemical integration projects has led to continuous expansion of pure benzene production capacity. New devices of large - scale projects such as Shandong Yulong Petrochemical and Guangxi Petrochemical will be put into operation in the fourth quarter. It is expected that the annual domestic pure benzene output will increase by 10% year - on - year to reach 23.12 million tons [3]. - From January to September 2025, the domestic pure benzene import volume increased by 40.5% year - on - year. In the first three quarters, the import from South Korea alone reached 4.115 million tons, almost accounting for most of China's total imports. It is expected that the external import volume in November will remain high, further strengthening the supply - loose pattern [3]. Demand Side - From January to September 2025, the total downstream demand for pure benzene increased by 8% year - on - year. The main products such as styrene and caprolactam had a high operating rate of 77% - 96%. However, this "high - operation, negative - profit" situation is an abnormal cycle that will eventually form a negative feedback to the upstream [4]. - In the fourth quarter, the negative feedback effect is accelerating. Styrene, the largest downstream of pure benzene, has seen its production profit drop to the lowest level in the same period of history, and its inventory pressure is increasing. The three major downstream industries of styrene are facing weak demand and insufficient orders. In October, the operating rates of styrene, caprolactam, and adipic acid decreased month - on - month, indicating that the demand is just starting to cool down [5]. Inventory - As of November 3, 2025, the total commercial inventory of pure benzene at the port of Jiangsu, China, was 121,000 tons, an increase of 36,000 tons from the previous week with a week - on - week increase of 42.35%, and an increase of 20,000 tons compared with the same period last year with a year - on - year increase of 19.80%. The domestic pure benzene market has entered a inventory - accumulation cycle, highlighting the weak demand [6].