瑞达期货纯苯产业日报-20260318

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - BZ2604 fell 1.31% to close at 8,154 yuan/ton. The market digested the impact of the Middle East geopolitical conflict on crude oil supply, and with the unexpected increase in US API crude oil inventory, international oil prices corrected during the day. In terms of domestic supply and demand, the petroleum benzene operating rate decreased by 2.36% to 74.20% week-on-week, the hydrobenzene operating rate increased by 0.4% to 63.07% week-on-week, and domestic pure benzene production decreased week-on-week. The operating rates of pure benzene downstream varied, with the weighted operating rate decreasing by 1.46% to 76.27% week-on-week. The pure benzene inventory at East China ports decreased by 4.64% to 288,000 tons week-on-week, which was higher than the same period in previous years. Domestic petroleum benzene enterprises are undergoing spring maintenance one after another, and overseas pure benzene production has decreased due to the interruption of Middle East raw material supply. It is expected that the supply of pure benzene will decline significantly in the future. A large-scale styrene plant downstream is under maintenance, and there are both production cut and capacity increase devices among other downstream industries. Overall, the decline in pure benzene demand is expected to be less than that in supply, the domestic supply-demand gap will widen, and the high inventory is expected to be digested smoothly. Currently, the situation in the Middle East remains highly uncertain, and BZ2604 is expected to fluctuate in the short term due to news disturbances [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main pure benzene contract was 8,154 yuan/ton, a decrease of 289 yuan; the settlement price was 8,284 yuan/ton, an increase of 22 yuan. The trading volume was 30,023 lots, a decrease of 4,988 lots; the open interest was 13,353 lots, a decrease of 4,468 lots [2]. 3.2 Spot Market - The mainstream price of pure benzene in the East China market was 8,285 yuan/ton, a decrease of 115 yuan; in the North China market, it was 7,800 yuan/ton, a decrease of 200 yuan; in the South China market, it was 8,400 yuan/ton, unchanged; in the Northeast region, it was 7,829 yuan/ton, a decrease of 86 yuan. The mainstream price of hydrobenzene in Jiangsu was 8,000 yuan/ton, a decrease of 175 yuan; in Shanxi, it was 7,405 yuan/ton, unchanged. The FOB mid - price of pure benzene in South Korea was 1,079 US dollars/ton, a decrease of 10 US dollars; the CFR mid - price of pure benzene in China was 1,089.65 US dollars/ton, a decrease of 9.68 US dollars [2]. 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 103.45 US dollars/barrel, a decrease of 20.5 US dollars [2]. 3.4 Industry Situation - The capacity utilization rate of pure benzene was 74.2%, a decrease of 2.9 percentage points; the weekly output was 439,300 tons, a decrease of 14,000 tons. The port inventory of pure benzene was 302,000 tons, a decrease of 1,000 tons. The production cost of pure benzene was 6,537.8 yuan/ton, an increase of 702.3 yuan; the production profit was 875 yuan/ton, an increase of 348 yuan [2]. 3.5 Downstream Situation - The operating rate of styrene was 71.79%, a decrease of 2.32 percentage points; the capacity utilization rate of caprolactam was 74.87%, unchanged; the capacity utilization rate of phenol was 86.87%, a decrease of 1.64 percentage points; the capacity utilization rate of aniline was 89.04%, a decrease of 0.31 percentage points; the capacity utilization rate of adipic acid was 69%, a decrease of 0.7 percentage points [2]. 3.6 Industry News - From March 6th to 12th, the operating rate of petroleum benzene decreased by 2.36% to 74.20% week-on-week, and the operating rate of hydrobenzene increased by 0.4% to 63.07% week-on-week. From March 7th to 13th, the weighted operating rate of pure benzene downstream decreased by 1.46% to 76.27% week-on-week. As of March 16th, the pure benzene inventory at East China ports was 288,000 tons, a decrease of 4.64% week-on-week. As of March 13th, the profit of petroleum benzene was 875 yuan/ton, an increase of 348 yuan/ton week-on-week [2].