Report Overview - **Report Name**: Pure Benzene Industry Daily Report 2025 - 09 - 10 [1] - **Analyst**: Lin Jingyi (Futures Practitioner Qualification No. F03139610, Futures Investment Consulting Practitioner Certificate No. Z0021558), Assistant Analyst: Xu Tianze (Futures Practitioner Qualification No. F03133092) [2] 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - BZ2603 showed a slight oscillation and closed at 6,019 yuan/ton. In the short - term, the supply of pure benzene is expected to contract slightly, while domestic demand is expected to decline significantly. The supply - demand gap is expected to widen, putting pressure on spot prices. BZ2603 is expected to oscillate at a low level, with the range around 5,950 - 6,100 yuan/ton [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main pure benzene contract was 6,019 yuan/ton, up 13 yuan; the settlement price was 6,012 yuan/ton, up 14 yuan. The trading volume was 2,588 lots, down 43 lots; the open interest was 13,597 lots, down 15 lots [2] 3.2 Spot Market - The mainstream prices of pure benzene in the East China, North China, South China, and Northeast markets were 5,915 yuan/ton, 5,910 yuan/ton, 5,900 yuan/ton, and 5,905 yuan/ton respectively. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi were 6,025 yuan/ton and 5,800 yuan/ton respectively. The FOB mid - price of pure benzene in South Korea was 715 US dollars/ton, down 2 US dollars; the CFR mid - price in China was 732.5 US dollars/ton, down 1 US dollar [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 66.87 US dollars/barrel, and the CFR mid - price of naphtha in Japan was 597.25 US dollars/ton, up 3 US dollars [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 45.33 tons, up 0.14 tons. The port inventory of pure benzene was 14.9 tons, up 1.1 tons. The production cost was 5,327.8 yuan/ton, and the production profit was 737 yuan/ton, up 76 yuan [2] 3.5 Downstream Situation - The开工率 of styrene was 79.74%, up 1.67 percentage points; the capacity utilization rate of caprolactam was 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, down 0.1 percentage points; the capacity utilization rate of adipic acid was 64.3%, up 2 percentage points [2] 3.6 Industry News - As of September 8, the commercial inventory of pure benzene in Jiangsu ports was 14.4 tons, a 3.36% decrease from the previous period. From August 29 to September 4, the profit of the Chinese petroleum benzene industry was 512 yuan/ton, a decrease of 159 yuan/ton from the previous period [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - BZ2603 is expected to fluctuate weakly, with the range estimated to be around 5950 - 6100 yuan/ton. The short - term supply - demand contradiction intensifies, and the expectation of spot price decline is clear. The supply and cost are weak, and the global crude oil supply - demand is weak, although short - term Middle East geopolitical deterioration still supports oil prices to some extent [2]. 3. Summary by Relevant Catalogs Futures Market - The main closing price of pure benzene is 6010 yuan/ton, down 37 yuan; the main settlement price is 6002 yuan/ton, down 63 yuan. The main trading volume is 7664 lots, up 2344 lots; the main open interest is 13278 lots, down 140 lots [2]. Spot Market - The mainstream prices of pure benzene in East China, North China, South China, and Northeast China are 5930 yuan/ton (down 30 yuan), 6000 yuan/ton (down 50 yuan), 6000 yuan/ton (unchanged), and 5955 yuan/ton (down 20 yuan) respectively. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi are 6050 yuan/ton (down 25 yuan) and 5840 yuan/ton (unchanged) respectively. The FOB middle price of pure benzene in South Korea is 724 dollars/ton, down 2 dollars; the CFR middle price of pure benzene in China is 739.5 dollars/ton, down 2 dollars [2]. Upstream Situation - The spot price of Brent DTD crude oil is 68.1 dollars/barrel, up 0.57 dollars; the CFR middle price of naphtha in Japan is 597.38 dollars/ton, up 3.5 dollars [2]. Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13%; the weekly output is 45.19 tons, up 0.11 tons. The port inventory of pure benzene is 13.8 tons, down 0.6 tons. The production cost is 5327.8 yuan/ton, down 118.2 yuan; the production profit is 737 yuan/ton, up 76 yuan [2]. Downstream Situation - The开工率 of styrene is 78.07%, down 0.46%; the capacity utilization rate of caprolactam is 95.72%, up 6.41%; the capacity utilization rate of phenol is 78.54%, down 0.46%; the capacity utilization rate of aniline is 69.24%, down 0.1%; the capacity utilization rate of adipic acid is 64.3%, up 2% [2]. Industry News - As of September 1st, the commercial inventory of pure benzene ports in Jiangsu is 14.9 tons, up 7.97% month - on - month and 119.12% year - on - year. From August 22nd to 28th, the profit of petroleum benzene is 671 yuan/ton, down 36 yuan/ton month - on - month [2]. - BZ2603 fell and then rebounded, closing at 6010 yuan/ton. On the supply side, last week, domestic petroleum benzene plants mainly operated stably, with the capacity utilization rate up 0.19% to 79.18%; some hydrogenated benzene plants reduced loads or stopped production, with the capacity utilization rate down 1.57% to 56.12%. On the demand side, the operating rates of pure benzene downstream decreased to varying degrees, with the weighted operating rate of pure benzene downstream down 1.46% to 76.96%. The inventory of pure benzene in East China ports decreased 4.17% to 13.8 tons [2].

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 oscillated downward, closing at 6,156 yuan/ton. The supply side was affected by the expansion of the restart of previous petroleum benzene units, with the capacity utilization rate of petroleum benzene increasing by 0.98% week-on-week to 78.99%. In North China, the number of hydrogenated benzene units that stopped or reduced production increased, and the capacity utilization rate decreased by 5.03% week-on-week to 57.69%. On the demand side, the operating rates of pure benzene downstream industries changed differently last week, and the weighted operating rate of pure benzene downstream industries increased by 0.19% week-on-week to 78.42%. In terms of inventory, the inventory of pure benzene in East China ports decreased by 4.17% week-on-week to 138,000 tons. This week, petroleum benzene units are expected to operate stably, and there will be both shutdown and restart of hydrogenated benzene units. Overall, the domestic pure benzene production is expected to change little. The arrival volume of imported pure benzene in East China will increase, and the supply of pure benzene may remain loose. Terminal demand is insufficient, and all five major downstream industries of pure benzene are in a loss state, so pure benzene consumption may continue to be weak. The situation of strong supply and weak demand of domestic pure benzene is expected to continue, putting pressure on prices. In terms of cost, the recent international oil prices have rebounded due to geopolitical and crude oil supply risks caused by Ukraine's attack on Russian refineries. In the short term, BZ2603 is expected to oscillate, and technically, attention should be paid to the support around 6,100 and the resistance around 6,300 [2] Summary by Directory Futures Market - The closing price of the main contract of pure benzene was 6,156 yuan/ton, a decrease of 50 yuan; the settlement price was 6,195 yuan/ton, a decrease of 22 yuan. The trading volume was 4,763 lots, a decrease of 573 lots; the open interest was 13,195 lots, an increase of 131 lots. The mainstream prices of pure benzene in the East China, North China, South China, and Northeast markets were 6,055 yuan/ton (down 30 yuan), 6,130 yuan/ton (down 30 yuan), 6,150 yuan/ton (unchanged), and 6,120 yuan/ton (down 25 yuan) respectively [2] Spot Market - The spot price of pure benzene in South Korea's FOB mid - price was 735 US dollars/ton, an increase of 1 US dollar; the CFR mid - price of pure benzene in China was 750.5 US dollars/ton, unchanged [2] Upstream Situation - The spot price of Brent DTD crude oil was 68.49 US dollars/barrel, an increase of 0.21 US dollars; the CFR mid - price of naphtha in Japan was 592.5 US dollars/ton, an increase of 5.5 US dollars [2] Industry Situation - The capacity utilization rate of pure benzene was 78.14%, an increase of 0.13 percentage points; the weekly output was 450,800 tons, an increase of 5,600 tons. The port inventory of pure benzene was 144,000 tons, a decrease of 2,000 tons. The production cost of pure benzene was 5,327.8 yuan/ton, a decrease of 118.2 yuan; the production profit was 737 yuan/ton, an increase of 76 yuan [2] Downstream Situation - The operating rate of styrene was 78.53%, an increase of 0.35 percentage points; the capacity utilization rate of caprolactam was 95.72%, an increase of 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, a decrease of 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, a decrease of 0.1 percentage point; the capacity utilization rate of adipic acid was 64.3%, an increase of 2 percentage points [2] Industry News - From August 15th to 21st, the profit of petroleum benzene of PetroChina was 707 yuan/ton, an increase of 18 yuan/ton compared with the previous week. As of August 25th, the total commercial inventory of pure benzene in Jiangsu port samples was 138,000 tons, a decrease of 4.17% from the previous period [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - This week, the inventory of pure benzene in East China ports decreased by 5.75% week-on-week to 164,000 tons. The number of domestic petroleum benzene and hydrobenzene maintenance devices increased this week, and the capacity utilization rate is expected to continue to decline. Due to the restart of large domestic devices and the high volume of ships arriving at ports, pure benzene is still in a state of loose supply. Downstream demand is limited, mainly supported by styrene and caprolactam. There are plans to put new downstream devices into production this month, which may improve the supply - demand contradiction in the future market. In terms of cost, the overall global crude oil supply - demand is weak, but geopolitical uncertainties still disturb short - term oil prices. In the short term, the situation of low spot valuation caused by weak supply - demand may continue. The spot price of pure benzene is expected to fluctuate at a low level this week. Pay attention to the implementation of new downstream production capacity in the future market. BZ2603 is expected to show a volatile trend, with the daily operating range expected to be around 6,100 - 6,300 yuan/ton [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main pure benzene contract was 6,189 yuan/ton, up 6 yuan/ton; the settlement price was 6,209 yuan/ton, down 29 yuan/ton. The trading volume was 37,605 lots, down 26,870 lots; the open interest was 14,760 lots, down 1,278 lots [2] Spot Market - The mainstream price of pure benzene in the East China market was 5,960 yuan/ton, down 25 yuan/ton; in the South China market, it was 5,950 yuan/ton; in the North China market, it was 5,860 yuan/ton, up 100 yuan/ton; in the Northeast region, it was 5,850 yuan/ton, down 20 yuan/ton. The mainstream price of hydrobenzene in Jiangsu was 6,000 yuan/ton. The FOB intermediate price of pure benzene in South Korea was 722 US dollars/ton, down 6 US dollars/ton; the CFR intermediate price of pure benzene in China was 738.5 US dollars/ton, down 6 US dollars/ton [2] Upstream Situation - The spot price of Brent DTD crude oil was 72.64 US dollars/barrel, up 2.06 US dollars/barrel. The CFR intermediate price of naphtha in the Japanese region was 584.25 US dollars/ton, down 6.75 US dollars/ton [2] Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13%; the weekly output was 431,700 tons, down 1,600 tons. The port inventory of pure benzene was 174,000 tons, down 3,000 tons. The production cost was 5,327.8 yuan/ton, down 118.2 yuan/ton; the production profit was 737 yuan/ton, up 76 yuan/ton [2] Downstream Situation - The total开工率 of styrene was 79.21%, down 0.82%; the capacity utilization rate of caprolactam was 95.72%, up 6.41%; the capacity utilization rate of phenol was 78.54%, down 0.46%; the capacity utilization rate of aniline was 69.24%, down 0.1%; the capacity utilization rate of adipic acid was 64.3%, up 2% [2] Industry News - From July 4th to 10th, the weekly profit of pure benzene was 584 yuan/ton, down 153 yuan/ton compared with the previous period. As of July 14th, the total commercial inventory of pure benzene in Jiangsu port samples was 164,000 tons, down 5.75% compared with the previous period. BZ2603 fluctuated widely and closed at 6,189 yuan/ton. On the supply side, the impact of the shutdown of petroleum benzene devices expanded last week, and the capacity utilization rate decreased by 0.29% week - on - week to 77.85%; three hydrobenzene devices were shut down, and the capacity utilization rate decreased by 9.32% week - on - week to 61.95%. On the demand side, the downstream开工率 of pure benzene rose and fell last week [2]