Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints - The pure benzene market is expected to experience high-level fluctuations [1] - The trend strength of pure benzene is neutral, with a value of 0 [2] Group 3: Summary Based on Related Catalogs Fundamental Tracking - Futures prices: BZ2603 decreased by 58 to 6179, BZ2604 decreased by 44 to 6160, BZ2605 increased by 9 to 6231 [1] - Spread prices: BZ2603 - BZ2604 decreased by 14 to 19, BZ2604 - BZ2605 decreased by 53 to -71 [1] - Paper prices: N+1 decreased by 35 to 6130, N+2 decreased by 25 to 6120 [1] - Inventory: Pure benzene inventory in East China ports decreased by 1.7 to 14.6 (in ten thousand tons), and styrene inventory in East China ports decreased by 10040 to 128640 (in tons) [1] - Price differences: Shandong pure benzene price decreased by 10 to 6235, Shandong pure benzene price - hydrogenated benzene price decreased by 10 to 10, Shandong pure benzene price - East China pure benzene price increased by 30 to 105 [1] News - As of August 11, 2025, the commercial inventory of pure benzene in Jiangsu ports decreased by 1.7 tons to 14.6 tons compared to the previous period, a month-on-month decrease of 10.43%, and increased by 10.3 tons compared to the same period last year, a year-on-year increase of 239.53% [2] - From August 4 to August 11, the estimated arrival was about 0 tons, and the estimated pick - up was about 1.7 tons [2] - On August 14, the non - long - term agreement trading volume of pure benzene in Shandong was about 300 tons, with an average price of 6235 yuan/ton, a decrease of 10 yuan/ton from the previous working day [2] - The spot negotiation price of pure benzene in East China decreased by 40 to an average of 6130, the August bottom transaction price decreased by 45 to an average of 6140, the September bottom transaction price decreased by 35 to an average of 6130, and the October bottom transaction price decreased by 25 to an average of 6120 [2]

黄天圆 投资咨询从业资格号：Z008016 Huangtianyuan@gtht.com | | 昨日 | 前日 | 变化 | | 昨日 | 前日 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | BZ2603 | 6237 | 6250 | -13 | BZ2603-EB2508 | -1085 | -1072 | -13 | | BZ2604 | 6204 | 6200 | 4 | BZ2603-EB2509 | -1060 | -1072 | 12 | | BZ2605 | 6222 | 6242 | -20 | BZ2603-EB2603 | -1169 | -1183 | 14 | | BZ2603-BZ2604 | 33 | 50 | -17 | BZ2604-EB2604 | -1212 | -1241 | 29 | | BZ2604-BZ2605 | -18 | -42 | 24 | 山东纯苯价格 | 6245 | 6200 | 45 | | 纸货价格：N+1 | 6165 | 6170 | -5 | 山东纯苯价格-加氢苯价格 ...

Core Viewpoint - The article discusses the short-term fluctuations and long-term bearish outlook for pure benzene prices, influenced by crude oil prices and supply-demand dynamics [3][4]. Group 1: Cost and Price Dynamics - The long-term price trend of pure benzene is closely aligned with crude oil prices, which are expected to be under pressure due to OPEC+ plans to increase production, offsetting seasonal consumption improvements in Q3 [4]. - The cost and supply-demand factors are expected to exhibit mixed signals in Q3, leading to potential price fluctuations [13]. Group 2: Supply and Demand Analysis - High import volumes of pure benzene remain a significant bearish factor for supply, although domestic refinery maintenance may lead to a seasonal decline in domestic production [7]. - Q3 is anticipated to see a temporary improvement in supply-demand dynamics due to the peak demand season, but Q4 is expected to witness a gradual weakening in demand [9]. - Overall, while there may be a short-term improvement in supply-demand in Q3, the outlook for Q4 suggests increased supply and weakened demand, putting pressure on pure benzene prices [11]. Group 3: Strategic Outlook - The strategy suggests a short-term focus on fluctuations with a long-term bearish stance, recommending to sell on highs [15]. - For cross-product strategies, locking in styrene processing margins above 800 RMB/ton is advised, along with a recommendation to buy pure benzene and sell styrene on highs [16]. - The PX-BZ spread indicates that while PX valuations are currently under pressure due to weak demand, there is potential for PX valuations to strengthen in late Q3, suggesting a buy on PX and sell on pure benzene [17].