瑞达期货纯苯产业日报-20260105

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 opened with a gap down, rebounded after a decline, and finally closed at 5406 yuan/ton. Recently, the operating rates of petroleum benzene and hydrogenated benzene have slightly increased, and the domestic pure benzene production has increased month-on-month. The operating rates of downstream caprolactam, aniline, and adipic acid have increased month-on-month, while those of styrene and aniline have decreased. The weighted operating rate of pure benzene downstream has slightly increased. The inventory at East China ports continues to accumulate, far higher than the same period in previous years. The profit of domestic petroleum benzene has recovered from a low level and is maintaining a repair trend. In January, two sets of equipment at Zhejiang Petrochemical will be under maintenance, while equipment at Fune Energy, Yunnan Petrochemical, Maoming Petrochemical, etc. will be restarted one after another, and a new device at BASF Guangdong is planned to be put into production. The domestic pure benzene production is expected to increase slightly. The load of large-scale styrene equipment downstream is stable, and the operating rate is expected to remain stable. A small number of caprolactam devices have resumed operation, and the overall operating rate is expected to change little. Some maintenance devices for phenol, aniline, and adipic acid are planned to restart. In terms of cost, the geopolitical conflict between the US and Venezuela has been gradually digested, and there are still concerns about future crude oil oversupply. International oil prices fluctuated weakly during the day. In the short term, BZ2603 is expected to fluctuate in the range of 5350 - 5520 yuan/ton [2] Summary by Related Catalogs Futures Market - The closing price of the main pure benzene contract was 5406 yuan/ton, a decrease of 57 yuan; the settlement price was 5410 yuan/ton, a decrease of 76 yuan. The trading volume was 15,944 lots, an increase of 6366 lots; the open interest was 27,774 lots, an increase of 489 lots [2] Spot Market - The mainstream price of pure benzene in the East China market was 5350 yuan/ton, in the North China market was 5250 yuan/ton, in the South China market was 5300 yuan/ton, and in the Northeast region was 5236 yuan/ton. The mainstream price of hydrogenated benzene in Jiangsu was 5375 yuan/ton. The spot price of pure benzene in South Korea was 666 US dollars/ton, and the CIF price in China was 673.16 US dollars/ton [2] Upstream Situation - The spot price of Brent DTD crude oil was 61.38 US dollars/barrel, a decrease of 1.53 US dollars; the CFR price of naphtha in Japan was 530.13 US dollars/ton, a decrease of 6.25 US dollars [2] Industry Situation - The capacity utilization rate of pure benzene was 75.18%, an increase of 0.29 percentage points; the weekly output was 43.55 tons, a decrease of 0.08 tons. The terminal inventory of pure benzene at ports was 30 tons, an increase of 2.7 tons. The production cost was 4993.25 yuan/ton, a decrease of 115.75 yuan; the production profit was 332 yuan/ton, an increase of 131 yuan [2] Downstream Situation - The operating rate of styrene was 70.23%, a decrease of 0.47 percentage points; the capacity utilization rate of caprolactam was 75.52%, an increase of 1.47 percentage points; the capacity utilization rate of phenol was 79.73%, an increase of 1.58 percentage points; the capacity utilization rate of aniline was 59.81%, a decrease of 3.17 percentage points; the capacity utilization rate of adipic acid was 68.2%, an increase of 4.6 percentage points [2] Industry News - From December 27 to January 2, the operating rate of petroleum benzene increased by 0.22% to 75.11%, and the operating rate of hydrogenated benzene increased by 1.07% to 60%. The weighted operating rate of pure benzene downstream increased by 0.27% to 71.34%. As of January 5, the inventory of pure benzene at East China ports was 31.8 tons, a month-on-month increase of 6.00%. As of January 4, the weekly profit of petroleum benzene was 371 yuan/ton, a month-on-month increase of 18 yuan/ton [2]