瑞达期货纯苯产业日报-20251126

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - BZ2603 fluctuates strongly and closes at 5,463 yuan/ton. Last week, the operating rate of petroleum benzene decreased month - on - month, while that of hydrogenated benzene increased. The domestic pure benzene output decreased slightly. The operating rates of downstream caprolactam and phenol increased, while those of styrene, aniline, and adipic acid decreased. The weighted operating rate of pure benzene downstream increased slightly. Due to more arriving resources and insufficient downstream提货 demand, port inventories continued to accumulate. Domestic supply and demand are weak, and petroleum benzene profits remain low. This week, petroleum benzene plants are expected to resume operation, and two hydrogenated benzene plants will shut down. Meanwhile, imports will increase, so the supply of pure benzene is expected to rise. Terminal demand is weak, styrene maintains low - level operation, and downstream consumption is unlikely to grow. In terms of cost, international oil prices closed lower yesterday. As the operating rate of US refineries increases, the price difference between RBOB gasoline and Brent crude oil narrows, and the sustainability of overseas gasoline - blending demand is questionable. Although the price difference between US and South Korean pure benzene is still at a five - year high, the positive impact is limited under the background of loose domestic supply and weak international oil prices. Technically, BZ2603 should pay attention to the support around 5,360 [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the pure benzene futures main contract is 5,463 yuan/ton, with a month - on - month increase of 52 yuan; the settlement price is 5,434 yuan/ton, up 4 yuan. The trading volume is 13,715 lots, up 4,225 lots; the open interest is 23,294 lots, up 579 lots [2] 3.2 Spot Market - In the domestic market, the mainstream prices of pure benzene in East China, North China, South China, and Northeast China are 5,300 yuan/ton, 5,290 yuan/ton, 5,300 yuan/ton, and 5,202 yuan/ton respectively. The prices in East China, South China, and North China remain unchanged, while that in Northeast China increases by 20 yuan/ton. The spot price of pure benzene in South Korea (FOB) is 646 US dollars/ton, down 6 US dollars; the CIF price in China is 659.94 US dollars/ton, down 4.4 US dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil is 63.21 US dollars/barrel, down 0.91 US dollars; the CFR price of naphtha in Japan is 560.88 US dollars/ton, down 1.75 US dollars [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene is 76.67%, down 1.31 percentage points; the weekly output is 44.67 tons, down 0.76 tons. The terminal port inventory of pure benzene is 14.7 tons, up 3.4 tons. The production cost is 5,314.4 yuan/ton, down 1.8 yuan; the production profit is 40 yuan/ton, up 11 yuan [2] 3.5 Downstream Situation - The operating rate of styrene is 68.95%, down 0.3 percentage points; the capacity utilization rate of caprolactam is 88.23%, up 2.18 percentage points; the capacity utilization rate of phenol is 78.71%, up 11.46 percentage points; the capacity utilization rate of aniline is 75.68%, down 4.49 percentage points; the capacity utilization rate of adipic acid is 55.5%, down 6.5 percentage points [2] 3.6 Industry News - From November 14th to 20th, the operating rate of petroleum benzene decreased by 1.31% month - on - month to 76.67%, and that of hydrogenated benzene increased by 3.2% to 57.75%. From November 15th to 21st, the weighted operating rate of pure benzene downstream increased by 0.93% month - on - month to 73.13%. As of November 24th, the inventory of pure benzene in East China is 16.4 tons, up 11.56% from the previous period. From November 15th to 21st, the profit of petroleum benzene increased by 11 yuan/ton to 40 yuan/ton [2]