Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-11-17 09:59Report Summary - Report Date: November 17, 2025 [1] - Report Type: Pure Benzene Industry Daily Report Industry Investment Rating - No investment rating is provided in the report. Core Viewpoints - The domestic petroleum benzene profit has slightly narrowed and is in a state of low valuation due to weak supply and demand. The planned maintenance capacity of petroleum benzene and hydrogenated benzene in November is relatively small, and foreign supplies continue to flow in, resulting in a relatively high overall supply pressure. Terminal demand is weak, and devices such as styrene are expected to maintain low - level operation, making it difficult for downstream consumption to increase. In terms of cost, OPEC's production increase will continue until the end of the year, and the situation of supply exceeding demand in the crude oil market is expected to continue. However, the tense relationship between the US and Venezuela in the geopolitical aspect may intensify, and there are both bullish and bearish factors in international oil prices. The US gasoline blending demand is increasing, and overseas pure benzene prices are relatively strong. In the short term, BZ2603 is expected to show a fluctuating trend [2]. Summary by Directory 1. Futures Market - Prices: The closing price of the main pure benzene contract was 5,547 yuan/ton, up 21 yuan; the settlement price was 5,565 yuan/ton, up 7 yuan [2]. - Volume and Open Interest: The trading volume of the main contract was 14,191 lots, down 3,004 lots; the open interest was 20,275 lots, up 417 lots [2]. 2. Spot Market - Domestic Prices: The mainstream price of pure benzene in the East China market was 5,405 yuan/ton, up 30 yuan; in the North China market, it was 5,235 yuan/ton, up 45 yuan; in the South China market, it was 5,300 yuan/ton, unchanged; in the Northeast region, it was 5,235 yuan/ton, up 45 yuan. The mainstream price of hydrogenated benzene in Jiangsu was 5,400 yuan/ton, up 25 yuan; in Shanxi, it was 5,000 yuan/ton, unchanged [2]. - International Prices: The FOB mid - price of pure benzene in South Korea was 664 US dollars/ton, up 2 US dollars; the CFR mid - price of pure benzene in China was 678.24 US dollars/ton, up 2.27 US dollars [2]. 3. Upstream Situation - Crude Oil and Naphtha: The spot price of Brent DTD crude oil was 63.78 US dollars/barrel, up 1.42 US dollars; the CFR mid - price of naphtha in Japan was 577.38 US dollars/ton, up 8.25 US dollars [2]. - Pure Benzene Production: The capacity utilization rate of pure benzene was 77.98% (weekly), up 2.84 percentage points; the weekly output was 45.43 million tons, up 1.65 million tons [2]. 4. Industry Situation - Inventory: The terminal inventory of pure benzene at ports was 11.3 million tons (weekly), down 0.8 million tons. As of November 17, the inventory of pure benzene at East China ports was 14.7 million tons, up 30.09% week - on - week [2]. - Cost and Profit: The production cost of pure benzene was 5,316.2 yuan/ton (weekly), up 14.4 yuan; the production profit was 29 yuan/ton, down 5 yuan [2]. 5. Downstream Situation - Capacity Utilization Rates: The total开工率 of styrene was 69.25% (weekly), up 2.31 percentage points; the capacity utilization rate of caprolactam was 86.04%, unchanged; the capacity utilization rate of phenol was 67.25%, down 8.06 percentage points; the capacity utilization rate of aniline was 80.17%, up 2.43 percentage points; the capacity utilization rate of adipic acid was 62%, down 3.6 percentage points [2]. - Industry Data: From November 8th to 14th, the operating rate of petroleum benzene increased by 2.83% to 77.98%, and the operating rate of hydrogenated benzene increased by 0.75% to 54.55%. The weighted operating rate of pure benzene downstream decreased by 0.17% to 72.20% [2]. 6. Industry News - From November 8th to 14th, the operating rates of petroleum benzene and hydrogenated benzene increased, and the domestic pure benzene production increased. The operating rates of downstream industries varied, and the weighted operating rate of pure benzene downstream decreased slightly. Delayed resources arrived at ports in a concentrated manner, and the inventory of pure benzene at East China ports increased significantly this week [2]. - From November 7th to 13th, the domestic petroleum benzene profit was 29 yuan/ton, down 5 yuan/ton from the previous week [2]. 7. Viewpoint Summary - In the short term, BZ2603 is expected to fluctuate. The daily K - line should focus on the support around 5,450 and the resistance around 5,640 [2][3].