瑞达期货纯苯产业日报-20251223

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The supply of pure benzene is expected to remain loose as the narrowing speed of the spot supply - demand gap is slow. The BZ2603 contract is expected to show an oscillating trend in the short - term, with technical support around 5360 and resistance around 5580 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the pure benzene futures contract was 5425 yuan/ton, a decrease of 34 yuan; the settlement price was 5452 yuan/ton, an increase of 29 yuan. The trading volume was 13,265 lots, an increase of 1,236 lots; the open interest was 23,659 lots, an increase of 842 lots [2] 3.2 Spot Market - The mainstream price of pure benzene in the East China market was 5325 yuan/ton, unchanged; in the North China market, it was 5150 yuan/ton, unchanged; in the South China market, it was 5300 yuan/ton, unchanged; in the Northeast region, it was 5156 yuan/ton, an increase of 24 yuan. The mainstream price of hydrogenated benzene in Jiangsu was 5325 yuan/ton, unchanged; in Shanxi, it was 5050 yuan/ton, unchanged. The FOB mid - price of pure benzene in South Korea was 659 dollars/ton, an increase of 3 dollars; the CFR mid - price in China was 666 dollars/ton, an increase of 3.07 dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 62.79 dollars/barrel, an increase of 1.49 dollars; the CFR mid - price of naphtha in Japan was 539.88 dollars/ton, an increase of 9 dollars [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene was 74.94%, a decrease of 0.17 percentage points; the weekly output was 43.66 million tons, a decrease of 0.1 million tons. The port inventory of pure benzene was 26 million tons, unchanged. The production cost of pure benzene was 5161.2 yuan/ton, a decrease of 32.2 yuan; the production profit was 163 yuan/ton, an increase of 55 yuan [2] 3.5 Downstream Situation - The开工率 of styrene was 69.13%, an increase of 0.84 percentage points. The capacity utilization rate of caprolactam was 69.2%, a decrease of 5.37 percentage points; of phenol was 74.93%, a decrease of 4.54 percentage points; of aniline was 61.35%, a decrease of 14.59 percentage points; of adipic acid was 59.6%, an increase of 0.4 percentage points [2] 3.6 Industry News - From December 13th to 19th, the operating rate of petroleum benzene decreased by 0.17% to 74.94%, and that of hydrogenated benzene increased by 3.05% to 55.99%, with a slight increase in domestic pure benzene output. The weighted operating rate of pure benzene downstream decreased by 2.82% to 68.49%. As of December 22nd, the inventory of pure benzene in East China ports was 27.3 million tons, a 5% increase from last week. The profit of petroleum benzene increased by 55 yuan/ton to 163 yuan/ton [2] 3.7 Outlook - This week, petroleum benzene plants will mainly operate stably, and some hydrogenated benzene plants will increase their loads, with a projected slight increase in domestic pure benzene output. The restart of a large styrene plant is postponed, with limited growth in the operating rate. The caprolactam industry will continue to cut production to maintain prices, with a projected further reduction in the plant load. The plant loads of aniline and adipic acid are expected to increase slightly, but the impact is relatively limited [2]