瑞达期货纯苯产业日报-20260126

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - Due to the cold wave causing resource arrival delays, last week's inventory at East China ports decreased on a week - on - week basis, but it remains at a high level compared to the same period. In late January, the restart of multiple units at Sinochem Quanzhou and Shanghai Petrochemical may drive the domestic petroleum benzene operating rate to recover from a low level. The operating rate of styrene is expected to increase slightly, the operating rate of caprolactam is expected to remain low, and the overall demand for phenol, aniline, and adipic acid is expected to increase slightly. Overall, the domestic pure benzene supply - demand is still in a tight balance state. The sanctions by the US on oil - producing countries like Iran still exist, and the cold weather may lead to a decline in US oil production, causing international oil prices to rise. The sentiment in the commodity market is warm, with industrial product futures mostly rising and the Wenhua Industrial Products Index showing a significant increase. The daily K - line of BZ2603 should focus on the support around 6010 and the resistance around 6240 [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract of pure benzene is 6078 yuan/ton, with a week - on - week increase of 22 yuan/ton; the settlement price is 6083 yuan/ton, with a week - on - week increase of 50 yuan/ton. The trading volume of the main contract is 31,197 lots, with a week - on - week decrease of 23,869 lots; the open interest is 32,149 lots, with a week - on - week increase of 306 lots [2] 3.2 Spot Market - The mainstream price of pure benzene in the East China market is 5940 yuan/ton, with no change; in the North China market, it is 5940 yuan/ton, with a week - on - week increase of 210 yuan/ton; in the South China market, it is 5900 yuan/ton, with a week - on - week increase of 150 yuan/ton; in the Northeast region, it is 5934 yuan/ton, with a week - on - week increase of 118 yuan/ton. The mainstream price of hydrogenated benzene in Jiangsu is 6075 yuan/ton, with a week - on - week increase of 175 yuan/ton; in Shanxi, it is 5600 yuan/ton. The FOB mid - price of pure benzene in South Korea is 764 US dollars/ton, with a week - on - week increase of 10 US dollars/ton; the CFR mid - price of pure benzene in China is 759.58 US dollars/ton, with a week - on - week increase of 8.28 US dollars/ton [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil is 68.71 US dollars/barrel, with a week - on - week increase of 2.75 US dollars/barrel. The CFR mid - price of naphtha in Japan is 565.25 US dollars/ton, with a week - on - week decrease of 1.75 US dollars/ton [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene is 72.37%, with a week - on - week decrease of 1.89 percentage points; the weekly output is 42.53 tons, with a week - on - week decrease of 1.11 tons. The port inventory of pure benzene at the end of the week is 29.7 tons, with a week - on - week decrease of 2.7 tons. The production cost of pure benzene is 5017.8 yuan/ton, with a week - on - week increase of 39.8 yuan/ton; the production profit is 446 yuan/ton, with a week - on - week increase of 77 yuan/ton [2] 3.5 Downstream Situation - The total operating rate of styrene is 69.63%, with a week - on - week decrease of 1.23 percentage points; the capacity utilization rate of caprolactam is 76.17%, with a week - on - week decrease of 1 percentage point; the capacity utilization rate of phenol is 88.44%, with a week - on - week decrease of 0.31 percentage point; the capacity utilization rate of aniline is 87.61%, with a week - on - week increase of 14.35 percentage points; the capacity utilization rate of adipic acid is 69.1%, with a week - on - week increase of 3.8 percentage points [2] 3.6 Industry News - From January 16th to 22nd, the operating rate of petroleum benzene decreased by 1.89% to 72.37% on a week - on - week basis, and the operating rate of hydrogenated benzene decreased by 3.42% to 54.17% on a week - on - week basis. From January 17th to 23rd, the weighted operating rate of pure benzene downstream increased by 1.03% to 75.53% on a week - on - week basis. As of January 26th, the inventory of pure benzene at East China ports is 30.5 tons, with a week - on - week increase of 2.69%. From January 16th to 22nd, the profit of domestic petroleum benzene increased by 77 yuan/ton to 446 yuan/ton on a week - on - week basis. BZ2603 rose 0.75% to close at 6078 yuan/ton. Last week, the operating rates of petroleum benzene and hydrogenated benzene declined to varying degrees, and the domestic pure benzene output decreased on a week - on - week basis. The operating rates of styrene, caprolactam, and phenol decreased slightly, but the operating rate of aniline increased significantly, driving the weighted operating rate of pure benzene downstream to increase on a week - on - week basis [2]