1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report 2.1 Weekly Summary - PX oscillated at a high level this week due to the rebound of oil prices and speculation on the blending - oil logic. Rumors about the aromatics arbitrage between Asia and America and blending - oil speculation increased, and the rebound of crude oil prices provided support for PX [9]. - PTA also oscillated at a high level. The recovery of cost support and the lifting of India's BIS certification contributed to this. The stable cost made the polyester raw material end run strongly, and the cancellation of the BIS certification was beneficial to the export expectations of PTA and downstream polyester products [9]. 2.2 Market Outlook Forecast - Crude oil: If there are no unexpected events, the price of crude oil is likely to continue the oscillating and weakening trend as the situations in South America and the Russia - Ukraine conflict remain the focus [10]. - PX: The overall operating rate of PX remains high, and the downstream polyester is at the transition point between peak and off - seasons. The implementation of export orders for downstream TA and polyester needs attention [10]. - PTA: The processing fee is still at a low level. Although the operating rate has declined, there will be no shortage of goods. Attention should be paid to the change in the flow direction of India's PTA imports [10]. - Polyester: The market is transitioning to the off - season. Short - term demand is generally stable, and there is positive news in the export market, but it needs time to be verified [10]. - Weaving: The domestic winter orders have basically ended, and the sales of polyester factories have increased only slightly. Attention should be paid to the order - receiving situation after the Spring Festival [10]. - Overall: PX will oscillate in the range of 6,650 - 6,850 yuan/ton; PTA will oscillate in the range of 4,550 - 4,750 yuan/ton. The recommended strategy is to stay on the sidelines [10]. 3. Summary According to the Directory 3.1 Price Situation 3.1.1 PX - **PX Futures**: PX futures oscillated at a high level. On November 14, the closing price of the main contract was 6,806 yuan/ton, up 26 yuan/ton (0.38%) from November 7. The settlement price on November 14 was 6,848 yuan/ton, up 90 yuan/ton (1.33%) from November 7 [13][15]. - **PX Spot**: The market negotiation and trading volume were average, and the trends of the physical and paper spot markets diverged. From November 10 - 14, the average basis of the main contract was - 238 yuan/ton; the average domestic PX spot price was 6,567.20 yuan/ton, up 44 yuan/ton (0.67%) from the previous period [16][18]. 3.1.2 PTA - **PTA Futures**: PTA futures rebounded and recovered driven by costs. On November 14, the closing price of the main contract was 4,700 yuan/ton, up 36 yuan/ton (0.77%) from November 7. The settlement price on November 14 was 4,712 yuan/ton, up 60 yuan/ton (1.29%) from November 7 [20][22]. - **PTA Spot**: The negotiation atmosphere was generally light, mainly among traders, with individual polyester factories replenishing stocks. The average daily trading volume was 1 - 2 million tons. From November 10 - 14, the average basis of the main contract was - 88 yuan/ton. The average weekly CIF price of PTA in the Chinese market was 579.8 US dollars/ton, up 9.8 US dollars/ton (1.72%) from the previous period. The average spot price of PTA in the East China market was 4,597.6 yuan/ton, up 62 yuan/ton (1.37%) from the previous period [23][25]. 3.2 Device Operation Situation 3.2.1 PX Devices - **Domestic PX Devices**: Many domestic PX devices are operating at different loads. For example, Ningbo Daxie is operating at 70 - 80% of its capacity, and Sheng Hong Refining & Chemical's two 200 - million - ton devices are operating at 95% of their capacity [30]. - **Asian PX Devices**: Devices in different Asian regions have different operating conditions. For example, Pertamina in Indonesia is operating at 55 - 65% of its capacity, and Exxon Mobil in Singapore is operating at 45 - 55% of its capacity [31]. - **PX Operating Rate**: From November 10 - 14, the operating rate was 90.50%, up from 90.17% from November 3 - 7 [33]. 3.2.2 PTA Devices - **PTA Device Maintenance**: Many PTA devices are under maintenance. For example, Yisheng Dahua's 2.25 - million - ton PTA device has been shut down since August 8, and Hainan Yisheng's 2 - million - ton device has been under technical transformation since August 15 [35]. - **PTA Operating Rate**: The weekly operating rate decreased by 1.51%. The spot supply is sufficient, and there are no unplanned PTA device maintenance [36]. 3.3 Fundamental Analysis 3.3.1 Cost - **Crude Oil**: Geopolitical tensions remain high, but oil flow is basically unaffected. On November 14, the futures settlement price of WTI crude oil was 59.39 US dollars/ton, down 0.45 US dollars/ton from November 7; the futures settlement price of Brent crude oil was 64.39 US dollars/ton, up 0.76 US dollars/ton from November 7 [41][43]. - **Naphtha**: After a period of stalemate, the price of naphtha dropped significantly. The average weekly CFR price of naphtha in Japan was 578.09 US dollars/ton, and the average weekly production profit was 76.72 US dollars/ton [46][48]. 3.3.2 Supply - **PX Processing Margin**: The PXN margin widened slightly, and the short - process efficiency narrowed. The weekly average PXN was 247.40 yuan/ton, up 2.40% from the previous period. The PX - MX remained at a high level, with a weekly average of 99.75 US dollars/ton [49][51]. - **PTA Processing Fee**: The cash flow is still at a low level. From November 10 - 14, the average spot processing fee of PTA was 183.45 yuan/ton, up from 149.52 yuan/ton last week [52][54]. - **Inventory**: With the implementation of planned maintenance, short - term inventory reduction is expected. As of November 14, the PTA social inventory was 4.044 million tons, down 28,000 tons from the previous week. The average inventory days of domestic PTA manufacturers were 3.97 days, and the raw material inventory days of polyester factories were 6.35 days [57][59][63]. 3.3.3 Demand - **Polyester**: Supported by cost and stable demand, the average weekly prices of polyester products were stable. The average market prices of polyester filament semi - bright POY150D/48F, DTY150D/48F, and FDY150D/96F were 6,580 yuan/ton, 7,915 yuan/ton, and 6,770 yuan/ton, up 1.00%, 1.09%, and 0.97% respectively from the previous period [64][66]. - **Weaving**: The foreign trade market in the weaving industry continued to recover, while the domestic market was seasonally weak in some areas. As of November 13, the operating rates of water - jet looms in Wujiang and Changxing remained stable, while the operating rates of circular looms in Xiaoshao increased slightly, and the operating rates of warp - knitting machines in Haining and Changshu decreased slightly [78][80].

Report Title - Aromatic Hydrocarbon Market Weekly Report: Blending Logic Boosts Aromatic Hydrocarbon Prices (PX, Pure Benzene, Styrene) [1] Report Date and Author - Date: November 14, 2025 - Author: Jiang Zhou Xilin - Institution: Hongye Futures, Financial Research Institute [2] Report Industry Investment Rating - Not provided in the report Core Viewpoints - PX market: Despite a strong supply-demand situation due to continuous inventory reduction, the peak season expectation has failed. However, with the improvement of downstream demand and supply tightening in November, PX processing fees and absolute prices are expected to remain strong [3]. - Pure benzene market: Affected by new production capacity and overseas supply surplus, the price is under pressure. But due to the relatively low current price and downstream demand support, the short - term decline space is limited. The market still expects inventory accumulation and supply - demand contradictions remain [4]. - Styrene market: Although there has been a recent rebound, the device profit is still poor. The weak fundamentals are difficult to change, and it will fluctuate at a low level [5][6]. Summary by Directory PX Market - **Cost**: International oil prices are oscillating at a low level. The price of naphtha is $569, and the PX CFR price is $825. Sinopec's PX listed price in November is slightly increased to 6,800 yuan/ton [3]. - **Supply**: Domestic PX production is 758,900 tons, a week - on - week increase of 1.65%. The weekly average capacity utilization rate is 90.49%, a week - on - week increase of 1.46%. Some plants are under maintenance [3]. - **Demand**: The downstream PTA capacity utilization rate is 76.18%, a week - on - week decrease of 1.51% and a year - on - year decrease of 6.37% [3]. - **Summary and Outlook**: The PX market is expected to have a strong performance in the medium - long term if there are no unexpected geopolitical conflicts [3]. Pure Benzene Market - **Spot and Futures**: The pure benzene futures contract 2603 rebounded slightly this week. The basis between the futures and spot widened. The arbitrage window from Shandong to East China is partially open [4]. - **Supply and Demand**: Weekly production is 454,300 tons, an increase of 3.77%. The capacity utilization rate is 77.98%, an increase of 2.83%. The supply exceeds demand, and many downstream styrene plants are under maintenance [4]. - **Inventory**: As of November 10, 2025, the commercial inventory in Jiangsu ports is 113,000 tons, a week - on - week decrease of 6.61% and a year - on - year increase of 7.62%. There is an expectation of inventory accumulation in the next period [4]. - **Profit**: Among the five major downstream products of pure benzene, styrene, phenol, caprolactam, and adipic acid are in loss, while aniline still has profit and it slightly expands [4]. - **Summary and Outlook**: The short - term decline space is limited, but the supply - demand contradiction is difficult to change. The market is affected by factors such as US supply reduction and gasoline price increase [4]. Styrene Market - **Spot and Futures**: The styrene futures contract rebounded this week. The spot price in East China is 6,405 yuan/ton, a decrease from the previous level [5]. - **Industrial Chain Profit**: The profit of non - integrated styrene plants in China is - 451 yuan/ton, with a loss increase of 35 yuan/ton compared to the previous period [5]. - **Industrial Chain Capacity Utilization**: The production of styrene plants in China is 344,400 tons, a week - on - week increase of 3.45%. The capacity utilization rate is 69.25%, a week - on - week increase of 2.31% [5]. - **Downstream**: The output of ABS, PS, and SBR increased, while the capacity utilization rate of EPS decreased. The overall demand for styrene slightly decreased [5]. - **Inventory**: As of November 10, 2025, the inventory in Jiangsu ports is 174,800 tons, a week - on - week decrease of 2.51%. The commodity inventory is 101,800 tons, a week - on - week decrease of 7.29% [5]. - **Summary and Outlook**: Although there has been a recent rebound, the device profit is poor, and the weak fundamentals are difficult to change [5][6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The global crude oil market is in a state of continuous inventory accumulation, and geopolitical uncertainties are causing oil prices to continue to fluctuate. The chemical industry is expected to be volatile, and investors should approach it with a range - bound mindset [2][3]. - Different energy and chemical products have different trends. For example, crude oil is range - bound, some products like asphalt and high - sulfur fuel oil are weak, while low - sulfur fuel oil may be strong, and most chemical products are expected to fluctuate [4]. 3. Summary by Relevant Catalogs 3.1 Market Situation of Crude Oil and Chemicals - **Crude Oil**: Global crude oil inventories have reached a new high for the year, and the US NGL inventory has reached a record high for the same period. The lack of short - term drivers is causing the market to continue to fluctuate [2]. - **Chemicals**: On Monday, chemicals slightly stabilized within a limited range. Ethylene glycol started to accumulate inventory, while pure benzene and styrene both saw inventory reductions. PX and PTA are the strongest in the chemical sector, but it is still difficult for them to outperform crude oil [3]. 3.2 Outlook for Each Product - **Crude Oil**: Short - term drivers are lacking, and the market will continue to oscillate. The increase in global inventory shows supply pressure, but the reduction in refined oil inventory pressure and strong crack spreads support demand. OPEC+ is cautious about increasing production [8]. - **Asphalt**: Spot prices are falling, and the futures price is fluctuating. After the OPEC+ increase in production and the end of the Palestine - Israel conflict, the price has broken through an important support level, and the over - valuation premium is starting to decline [9]. - **High - Sulfur Fuel Oil**: It is in a weak and volatile state. Although the Palestine - Israel conflict has ended, the Russia - Ukraine conflict continues to escalate, and demand is still weak [9]. - **Low - Sulfur Fuel Oil**: Refined oil is strong, so low - sulfur fuel oil may run strongly. However, it faces negative factors such as a decline in shipping demand, green energy substitution, and high - sulfur substitution [11]. - **PX**: Cost changes are limited, and the market is affected by sentiment and funds. The fundamentals are generally stable, with strong supply and demand, and it is expected to be slightly bullish in the short term [13]. - **PTA**: Driven by the upstream, the center of gravity has shifted upward. There is no unexpected reduction in supply, and it is expected to run slightly bullish in the short term [13]. - **Pure Benzene**: The port has resumed inventory accumulation, and it is running weakly. The spread between pure benzene and naphtha is at a low level in recent years, and the upward drive is currently insufficient [14][15]. - **Styrene**: There is still a risk of over - inventory, and it is oscillating weakly. The new production capacity is expected to be put into operation, and the pressure on the cost side of pure benzene is increasing [16]. - **Ethylene Glycol**: Supply - demand and cost support are in a tug - of - war. It will maintain a low - level range - bound operation in the short term, with significant upward pressure [17][18]. - **Short - Fiber**: The cost is strong, but demand is weak, and the processing fee is under pressure. It is expected to follow the upstream market and the processing fee may be compressed [21][22]. - **Bottle Chip**: It is passively following the rise of raw materials. The processing fee has a stronger support at the bottom [23][24]. - **Methanol**: High inventory is suppressing the market, and overseas disturbances are not significant. It is oscillating and consolidating [25]. - **Urea**: Export information has boosted the spot market, but downstream transactions are cautious. The futures price is expected to oscillate in the short term [25]. - **Plastic (LLDPE)**: Downstream transactions have increased, but the support from maintenance is limited. It is oscillating [27]. - **PP**: Production is still at a high level, and it is oscillating [28]. - **PL**: Inventory needs time to be digested, and it is oscillating [29]. - **PVC**: Weak fundamentals are suppressing the market. It is expected to be weakly volatile, and attention should be paid to whether the cost can support the market [31]. - **Caustic Soda**: It has a low valuation and weak expectations. It is oscillating, and the price may be stable [32]. 3.3 Variety Data Monitoring - **Inter - Period Spreads**: Different products have different inter - period spread values and changes, such as Brent's M1 - M2 spread is 0.25 with a change of 0.01, and PX's 1 - 5 month spread is 18 with a change of 18 [34]. - **Basis and Warehouse Receipts**: Each product has its own basis and warehouse receipt situation. For example, the basis of asphalt is - 26 with a change of - 28, and the number of warehouse receipts is 7690 [35]. - **Inter - Variety Spreads**: There are also different inter - variety spread values and changes, like the 1 - month PP - 3MA spread is 177 with a change of 49 [37]. 3.4 Index Information - **Comprehensive Index**: The comprehensive index of CITIC Futures commodities on November 10, 2025, shows that the commodity index, commodity 20 index, and industrial products index all have positive growth rates [278]. - **Sector Index**: The energy index on November 10, 2025, has a daily increase of 0.35%, a 5 - day decrease of 0.39%, a 1 - month increase of 1.85%, and a year - to - date decrease of 5.45% [279].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report introduces the futures and options contracts of pure benzene, including contract specifications, delivery grades, delivery and warehouse receipt - related matters, and position limits. It also elaborates on the physical and chemical properties of pure benzene and its production processes. Moreover, it analyzes the impact of blending logic on pure benzene production, emphasizing the need to consider this factor when judging pure benzene output [2]. 3. Summary According to the Table of Contents 3.1 Introduction In recent years, the price of pure benzene has fluctuated greatly, increasing the demand for using pure benzene futures derivatives to hedge risks and discover prices. In 2025, the Dalian Commodity Exchange carried out a series of procedures for pure benzene futures and options, including soliciting opinions, obtaining regulatory approval, and announcing relevant rules [5]. 3.2 Pure Benzene Futures and Options Contracts - **Pure Benzene Futures Contract**: The trading code is BZ, with a trading unit of 30 tons/hand. Based on the 2024 average spot price of pure benzene in East China ports, each contract is worth about 248,800 yuan, and the minimum margin is 12,400 yuan/hand. The contract months are from January to December, and the last trading day is the fourth - last trading day of the contract month, with a daily price limit of 4% [6][7]. - **Pure Benzene Futures Options Contract**: Call option trading code is BZ - contract month - C - strike price, and put option trading code is BZ - contract month - P - strike price. The trading unit is 1 hand of pure benzene futures contract. The last trading day is the 12th trading day of the month before the delivery month of the underlying futures contract [8][9][10]. 3.3 Delivery Grade The delivery standard is in line with the national standard GB/T 3405 - 2025, targeting the mainstream products in the spot market. It has specific requirements for crystallization point, purity, and other indicators [12]. 3.4 Delivery and Warehouse Receipt - related Matters Enterprises participating in delivery need hazardous chemicals qualifications. The futures contract supports three delivery methods. The combination of factory and warehouse delivery systems is adopted, but the specific delivery warehouses are yet to be determined. The pure benzene standard warehouse receipts are subject to monthly cancellation, and the regional delivery premiums and discounts are yet to be announced [13][14]. 3.5 Position Limits For general months, when the pure benzene position is ≤40,000 hands, non - futures company members/overseas special non - brokerage participants and customers have a position limit of 2,000 hands each (equivalent to 60,000 tons). When the position >40,000 hands, the limit is 5% of the unilateral position. As the delivery month approaches, the position limits are gradually reduced [15]. 3.6 Physical and Chemical Properties of Pure Benzene Benzene is a simple aromatic compound, flammable, volatile, and toxic. It has specific physical properties such as density and boiling point. It is mainly used as a solvent and in the synthesis of derivatives. Storage requires special precautions due to its hazardous nature [17][19]. 3.7 Production Processes of Pure Benzene - **Petroleum - based Processes**: Account for 74.6% of the total domestic production capacity, including catalytic reforming (49% of total capacity), ethylene cracking (25% of total capacity), and toluene disproportionation (24% of total capacity) [20]. - **Coal - based Process**: Produces hydrogenated benzene through coal coking by - product crude benzene extraction and hydro - refining. Due to the higher purity of petroleum - based benzene, coal - based benzene production is gradually being replaced [20]. 3.8 Impact of Blending Logic on Pure Benzene - **Gasoline Demand**: Strong gasoline demand leads to more reformed gasoline entering the blending pool, reducing the raw materials for aromatic extraction and thus decreasing the production of benzene through catalytic reforming. Weak gasoline demand has the opposite effect [43]. - **Demand for High - Octane Components**: High demand for high - octane components like toluene leads to more toluene being used for gasoline blending, reducing the supply of benzene produced through toluene disproportionation. Weak demand for high - octane components has the opposite effect [44].

Group 1 - The core viewpoint indicates that the PTA market is expected to continue its upward trend due to tightening supply and improving demand dynamics, driven by seasonal factors and inventory reductions [1][4]. - Recent data shows that the overall PTA operating rate in China has dropped to 70.3%, significantly lower than the same period in the past three years, with multiple major manufacturers undergoing maintenance [2]. - The polyester sector has seen an unexpected increase in operating rates, reaching 94.2%, which is a new high for the year, alleviating previous concerns about low demand [3]. Group 2 - The social inventory of PTA has been decreasing, with the turnover days dropping to 13.36 days, indicating a continuous destocking trend [2]. - The upcoming summer season in Europe and the U.S. is expected to boost gasoline consumption, which may positively impact the aromatics market, particularly in the context of PTA and PX production [4]. - The overall supply of PTA is anticipated to remain tight in May, providing strong support for price increases, as the polyester industry shows robust production and sales performance [4].