Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-12-03 10:06Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 showed a slight fluctuation, closing at 5441 yuan/ton last week. The operating rates of petroleum benzene and hydrogenated benzene decreased, leading to a decline in domestic pure benzene production. 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. The inventory at East China ports continued to accumulate, higher than the same period in previous years. The profit of petroleum benzene recovered slightly but remained at a low - valuation level due to weak supply - demand. This week, a domestic disproportionation unit is under maintenance, but the increase in imported resources is expected to lead to a slight rise in the supply of domestic petroleum benzene. In December, the impact of domestic petroleum benzene maintenance changes little compared to November. The commissioning and restart of downstream styrene units, along with the expected load increase of phenol and caprolactam, may drive a slight increase in pure benzene demand, alleviating the wide - balance state of spot supply - demand. In terms of cost, geopolitical uncertainties in Russia - Ukraine and US - Venezuela still exist. The market expects an increased probability of the Fed cutting interest rates in December, and international oil prices have shown strong fluctuations recently. In the short term, BZ2603 is expected to fluctuate, with a daily range around 5370 - 5500 [2] Summary of Relevant Catalogs Futures Market - The closing price of the pure benzene futures main contract was 5441 yuan/ton, a decrease of 13 yuan; the settlement price was 5447 yuan/ton, an increase of 14 yuan. The trading volume was 10465 lots, a decrease of 780 lots; the open interest was 22857 lots, with a change of - 667 lots [2] Spot Market - The mainstream price of pure benzene in the East China market was 5335 yuan/ton; in the North China market, it was 5270 yuan/ton; in the South China market, it was 5300 yuan/ton; in the Northeast region, it was 5231 yuan/ton. The mainstream price of hydrogenated benzene in Jiangsu was 5375 yuan/ton, and in Shanxi, it was 5150 yuan/ton. The FOB mid - price of pure benzene in South Korea was 659 dollars/ton, and the CFR mid - price of pure benzene in China was 668.82 dollars/ton [2] Upstream Situation - The spot price of Brent DTD crude oil was 64.31 dollars/barrel, a decrease of 0.16 dollars; the CFR mid - price of naphtha in the Japanese region was 567.25 dollars/ton, a decrease of 0.25 dollars [2] Industry Situation - 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. The port inventory of pure benzene was 16.4 tons, an increase of 1.7 tons. The production cost was 5246.8 yuan/ton, a decrease of 67.6 yuan; the production profit was 78 yuan/ton, an increase of 38 yuan [2] Downstream Situation - The operating rate of styrene was 67.29%, a decrease of 1.66 percentage points; the capacity utilization rate of caprolactam was 86.68%, a decrease of 1.54 percentage points; the capacity utilization rate of phenol was 81.16%, an increase of 2.45 percentage points; the capacity utilization rate of aniline was 77.19%, an increase of 1.51 percentage points; the capacity utilization rate of adipic acid was 59.4%, an increase of 3.9 percentage points [2] Industry News - From November 21st to 27th, SH2601 fell 1.03% to close at 2212 yuan/ton. From November 22nd to 28th, the weighted operating rate of pure benzene downstream decreased by 0.14% to 72.99%. As of December 1st, the pure benzene inventory in East China was 22.4 tons, a 36.59% increase from the previous period. From November 21st to 27th, the profit of petroleum benzene increased by 38 yuan/ton to 78 yuan/ton [2]