瑞达期货纯苯市场周报-20260327

Report Title - The report is titled "Pure Benzene Market Weekly Report" dated March 27, 2026 [2] Report Industry Investment Rating - No information provided Core Viewpoints - Affected by the repeated geopolitical situation in the Middle East and the decline in the operating load of domestic and overseas plants, the pure benzene futures fluctuated widely and rose week - on - week. The supply - demand gap is expected to further widen, and the price of the short - term BZ2605 contract is expected to fluctuate with oil prices. In the context of tight supply - demand, the upward price space is expected to be greater than the downward space [6] Section Summaries 1. Weekly Highlights - Price: As of March 27, 2026, the main contract BZ2605 of pure benzene closed at 8,880 yuan/ton, up 6.56% from last week's closing price. The spot price of pure benzene in East China was 8,245 yuan/ton, and the main basis was - 635 yuan/ton [6] - Fundamentals - Supply: The operating rate of petroleum benzene decreased by 2.01% week - on - week to 72.57%, and the operating rate of hydrobenzene increased by 6.37% week - on - week to 67.83%. The domestic pure benzene output decreased slightly week - on - week [6] - Demand: The operating rates of pure benzene downstream industries changed differently. The operating rate of styrene decreased by 0.51% week - on - week to 69.95%, that of caprolactam increased by 1.64% week - on - week to 78.85%, that of phenol decreased by 0.71% week - on - week to 86.69%, that of aniline increased by 0.25% week - on - week to 88.58%, and that of adipic acid remained stable at 69.5%. The weighted operating rate of pure benzene downstream industries decreased by 0.03% week - on - week to 76.04% [6] - Inventory: Affected by the decrease in the arrival of imported resources, the inventory of pure benzene at East China ports decreased by 6.60% week - on - week to 26.9 tons [6] - Profit: The profit of domestic petroleum benzene increased by 128 yuan/ton week - on - week to 480 yuan/ton [6] - Outlook: Domestic petroleum benzene enterprises are undergoing spring inspections one after another. The supply loss of petroleum benzene cannot be offset by the increased production of the hydrobenzene industry. Overseas pure benzene production has decreased due to the interruption of raw material supply in the Middle East. Port inventories are expected to continue to decline. The demand from the five major downstream industries of pure benzene has not changed much, and the supply - demand gap is expected to further widen. The oil price is still disturbed by the geopolitical situation in the Middle East [6] 2. Futures and Spot Market - Futures: The pure benzene futures fluctuated and rose this week [8] - Spot: The spot price in East China fluctuated within a range, reporting 8,245 yuan/ton on March 27 [8] - Regional Spot Prices: On March 26, the market price of petroleum benzene was 8,000 yuan/ton in North China, 8,500 yuan/ton in South China, 7,965 yuan/ton in Northeast China; the market price of hydrobenzene in Shanxi was 7,750 yuan/ton. The FOB price of pure benzene in South Korea was 1,052 US dollars/ton, and the CFR price of pure benzene in China was 1,061 US dollars/ton [14][19][23] 3. Industry Situation - Operating Rates - The operating rate of petroleum benzene decreased week - on - week, while that of hydrobenzene increased week - on - week [28] - The operating rate of styrene decreased week - on - week, and the non - integrated profit decreased [47] - The operating rate of caprolactam increased, and the profit widened [51] - The operating rate of the phenol industry was 86.69% [56] - The operating rate of the aniline industry was 88.58% [60] - The operating rate of the adipic acid industry was 69.5% [64] - Imports: In January, the import volume of pure benzene was 39.90 tons; in February, it was 41.53 tons. The import window was closed this week [31] - Inventory: The inventory of pure benzene at East China ports decreased week - on - week, and the inventory was at a high level in the same period [35] - Cost and Profit - The production cost of petroleum benzene increased week - on - week, and the weekly average profit decreased [38] - The production cost of hydrobenzene increased week - on - week, and the profit increased [43] 4. Options Market Analysis - The 20 - day historical volatility of the pure benzene main contract was reported at 66.17%, and the implied volatility of the main at - the - money options was around 68.2% [68]