Core Viewpoint - The year 2025 saw significant fluctuations in the pure benzene market, characterized by an initial price surge followed by a prolonged decline, with various factors contributing to a new market landscape [3][21]. Price Trends - In 2025, pure benzene prices fluctuated, with an average price of 6189.22 yuan/ton, down 25.51% from 8308 yuan/ton in 2024. The highest price was 7790 yuan/ton on February 12, while the lowest was 5275 yuan/ton on November 11 [3][21]. - The price range for pure benzene in 2025 was between 5300 and 7800 yuan/ton, with most months falling below the average prices of the past five years [5][24]. Seasonal Deviations - The seasonal price patterns in 2025 deviated significantly from historical trends, particularly in March to May, where prices were notably lower than seasonal indices due to underperformance in domestic terminal recovery and widespread losses in downstream sectors [7][26]. Import and Inventory Dynamics - The traditional correlation between import volumes and inventory levels at the East China main port broke down in 2025, as imports increased while inventory levels remained stable, only slightly rising at year-end [8][27]. - The East China main port's inventory was generally at the average level of the past five years, influenced by high operational loads in downstream industries, which shifted pure benzene into solid forms within the supply chain [10][29]. Profitability and Operational Trends - The negative correlation between downstream profitability and operational rates weakened in 2025, with significant losses reported in the first half of the year despite high operational rates [11][30]. - By the fourth quarter, both operational rates and profitability improved due to increased exports of styrene and coordinated production cuts in the caprolactam industry, leading to a relative high point in downstream profitability [12][31]. Inventory-Price Relationship - The expected negative correlation between inventory levels and prices of pure benzene was disrupted in 2025, as high inventory levels did not lead to expected price declines, indicating a shift in market dynamics [15][34]. - The structural changes in inventory and price relationships suggest that the transmission of market signals through the supply chain was not functioning effectively, leading to a different form of inventory transfer [17][36]. Future Outlook - In January 2026, pure benzene prices rose to an average of 5596.05 yuan/ton, with expectations for the year to see a price range between 5200 and 6500 yuan/ton, and an average price of approximately 5860 yuan/ton [19][39].