Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-11-06 10:10Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 fluctuated weakly, closing at 5,398 yuan/ton. Last week, the operating rate of petroleum benzene rose slightly, while that of hydrogenated benzene dropped significantly, resulting in a decline in domestic pure benzene production. The changes in the operating rates of the five major downstream industries of pure benzene were limited, and the overall weighted operating rate of downstream industries decreased slightly. The number of ships arriving at ports increased significantly, and the inventory at East China ports accumulated significantly. Petroleum benzene profit decreased at a low level and was in a low - valuation state due to weak supply and demand. In November, the planned maintenance capacity of petroleum benzene and hydrogenated benzene was small, and low - priced overseas supplies continued to flow in, with the overall supply pressure at a relatively high level. This week, the load of East China petroleum benzene plants increased, and some shut - down hydrogenated benzene plants restarted, so domestic pure benzene production is expected to increase month - on - month. Terminal demand is weak, and plants such as styrene are expected to maintain low - level operation, with little growth in downstream consumption. In terms of cost, the accumulation of API and EIA inventories in the US, combined with the strengthening of the US dollar, has led to a recent weak fluctuation in international oil prices. Technically, the daily K - line of BZ2603 should focus on the support of the lower Bollinger Band around 5,288 and the pressure of the 10 - day moving average around 5,486 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of pure benzene was 5,398 yuan/ton, down 20 yuan; the settlement price was 5,389 yuan/ton, down 16 yuan. The trading volume was 7,851 lots, down 4,243 lots; the open interest was 17,435 lots, up 372 lots [2]. Spot Market - In the domestic market, the mainstream prices of pure benzene in East China, North China, South China, and Northeast China were 5,335 yuan/ton, 5,230 yuan/ton, 5,450 yuan/ton, and 5,230 yuan/ton respectively, with changes of - 70 yuan/ton, 0 yuan/ton, 0 yuan/ton, and - 5 yuan/ton. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi were 5,375 yuan/ton and 4,900 yuan/ton respectively, with a change of - 50 yuan/ton for Jiangsu. The offshore intermediate price of pure benzene in South Korea was 650 US dollars/ton, down 4 US dollars/ton; the CFR intermediate price of pure benzene in China was 667.08 US dollars/ton, down 3.88 US dollars/ton [2]. Upstream Situation - The spot price of Brent DTD crude oil was 64.68 US dollars/barrel, down 0.77 US dollars/barrel; the CFR intermediate price of naphtha in Japan was 577.5 US dollars/ton, up 1 US dollar/ton [2]. Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 42.89 million tons, up 0.28 million tons. The port inventory of pure benzene was 8.5 million tons, down 1.4 million 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]. Downstream Situation - The operating rate of styrene was 66.72%, down 2.53 percentage points; the capacity utilization rate of caprolactam was 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, down 0.1 percentage point; the capacity utilization rate of adipic acid was 64.3%, up 2 percentage points. 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 industries decreased by 1.22% to 72.18% [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 industries decreased by 1.22% to 72.18%. As of November 3rd, the inventory of pure benzene ports in Jiangsu increased by 42.35% to 12.1 million tons week - on - week. From October 25th to 31st, the profit of petroleum benzene decreased by 217 yuan/ton to 168 yuan/ton week - on - week [2].