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]