瑞达期货纯苯产业日报-20251202

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - From November 21st to 27th, SH2601 fell 1.03% to close at 2212 yuan/ton, and BZ2603 declined and then rebounded, closing at 5454 yuan/ton [2] - Last week, the operating rates of petroleum benzene and hydrogenated benzene decreased month - on - month, and the domestic pure benzene output declined [2] - The operating rates of downstream styrene and caprolactam decreased, while those of phenol, aniline, and adipic acid increased. The weighted operating rate of pure benzene downstream decreased slightly [2] - The inventory at East China ports continued to accumulate, higher than the same period in previous years. The profit of petroleum benzene was slightly repaired but remained at a low - valuation level due to weak supply and demand [2] - This week, a domestic disproportionation unit is under maintenance, but the imported resources arriving at ports are increasing. The domestic petroleum benzene supply is expected to increase slightly [2] - In December, the impact of domestic petroleum benzene maintenance is not much different from that in November [2] - The downstream styrene plants are both under commissioning and restarting, and there are also expectations of increased loads for phenol and caprolactam, which may drive a slight increase in pure benzene demand and ease the wide - balance state of spot supply and demand [2] - In terms of cost, geopolitical uncertainties in Russia - Ukraine and US - Venezuela still exist, and the market expects an increased probability of the Fed cutting interest rates in December. Recently, international oil prices have fluctuated strongly [2] - In the short term, BZ2603 is expected to show a volatile trend, with the daily range expected to be around 5370 - 5460 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of pure benzene futures main contract decreased by 19 yuan/ton to 5454 yuan/ton, and the settlement price decreased by 19 yuan/ton to 5433 yuan/ton [2] - The trading volume of the main contract was 1193 lots, and the open interest was 11245 lots, a decrease of 551 lots [2] 3.2 Spot Market - The mainstream prices of pure benzene in East China, North China, South China, and Northeast China were 5320 yuan/ton, 5270 yuan/ton, 5300 yuan/ton, and 5246 yuan/ton respectively, with changes of - 35 yuan/ton, 0 yuan/ton, 0 yuan/ton, and - 19 yuan/ton [2] - The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi were 5375 yuan/ton and 5150 yuan/ton respectively, with no change [2] - The FOB mid - price of pure benzene in South Korea was 657 US dollars/ton, an increase of 3 US dollars/ton; the CFR mid - price of pure benzene in China was 668.82 US dollars/ton, with no change [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 64.47 US dollars/barrel, and the CFR mid - price of naphtha in Japan was 567.5 US dollars/ton, a decrease of 4 US dollars/ton [2] - The capacity utilization rate of pure benzene was 76.59%, a decrease of 0.08 percentage points; the weekly output was 44.62 tons, a decrease of 0.05 tons [2] - The port inventory of pure benzene was 1.7 tons, and the production cost was 5246.8 yuan/ton, a decrease of 67.6 yuan/ton; the production profit was 78 yuan/ton, an increase of 38 yuan/ton [2] 3.4 Downstream Situation - The operating rate of styrene decreased by 1.66 percentage points; the capacity utilization rate of caprolactam was 67.29%, a decrease of 1.54 percentage points [2] - The capacity utilization rates of phenol, aniline, and adipic acid were 81.16%, 77.19%, and 59.4% respectively, with changes of 2.45 percentage points, 1.51 percentage points, and 3.9 percentage points [2]