中东、俄乌地缘局势仍存不确定性，或给到短期油价一定支撑。总体上，国内纯苯供需矛盾改善有限，BZ2 免责声明 603预计在低估值区间偏弱震荡。关注假期国际油价走势对节后开盘的影响。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 纯苯产业日报 2025-09-30 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:纯苯(日,元/吨) | 5800 | -85 主力结算价:纯苯(日,元/吨) | 5801 | -94 | | | 主力成交量:纯苯(日,手) 市场价:纯苯:华东市场:主流价(日,元/吨) | 5583 5860 ...

升空间。临近国庆，下游企业节前备货需求提升，或给到纯苯价格一定支撑。成本方面，OPEC+增产影响 助理研究员: 徐天泽 期货从业资格号F03133092 纯苯产业日报 2025-09-23 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:纯苯(日,元/吨) | 5870 | -51 主力结算价:纯苯(日,元/吨) | 5865 | -57 | | | 主力成交量:纯苯(日,手) 市场价:纯苯:华东市场:主流价(日,元/吨) | 6061 | 147 主力持仓量:纯苯(日,手) 0 市场价:纯苯:华北市场:主流价(日,元/吨) | 13466 | 264 | | 现货市场 | | | | | 0 | | | 市场价:纯苯:华南市场:主流价(日,元/吨) | 5885 5900 | 0 市场价:纯苯:东北地区:主流价(日,元/吨) | 6010 5931 | -40 -25 | | | 市场价:加氢苯:江苏地区:主流价(日,元/吨 | 6025 | -25 市场价:加氢苯:山 ...

Report Category - This is a daily report on the pure benzene industry [1] Core Viewpoint - BZ2603 showed a weak oscillation, closing at 5921 yuan/ton. Last week, two new petroleum benzene plants were shut down, and some hydrobenzene plants restarted, resulting in a decline in domestic pure benzene supply. The weighted operating rate of downstream products increased slightly. The port inventory of pure benzene decreased. This week, some petroleum benzene and hydrobenzene plants are expected to restart, and the number of imported cargo arrivals is expected to increase, so the supply of pure benzene is expected to rise. The five major downstream devices are expected to increase their loads, which may drive short - term demand up. In the long - term, the large - scale production capacity of styrene is in the rotation maintenance cycle, limiting the increase in pure benzene demand. Near the National Day, the pre - holiday stocking demand of downstream enterprises may support the price of pure benzene. In terms of cost, the impact of OPEC+ production increase continues, and the long - term expectation of strong global crude oil supply over demand puts pressure on oil prices, but the short - term geopolitical situation is still uncertain. In the short term, the supply - demand of pure benzene has marginal improvement but is difficult to drive up prices. BZ2603 is expected to oscillate, with the daily operating range expected to be around 5900 - 5980 [2] Data Summary Futures Market - The closing price of the main pure benzene contract was 5921 yuan/ton, down 45 yuan; the settlement price was 5922 yuan/ton, down 57 yuan; the trading volume was 2420 lots, and the open interest was 13202 lots [2] Spot Market - The mainstream prices of pure benzene in the East China, North China, South China, and Northeast regions were 5885 yuan/ton, 6010 yuan/ton, 5900 yuan/ton, and 5956 yuan/ton respectively, with changes of 0, - 40, 0, and - 44 yuan/ton. The mainstream prices of hydrobenzene in Jiangsu and Shanxi regions were 6050 yuan/ton and 5800 yuan/ton respectively, with the former down 50 yuan/ton. The offshore intermediate price of pure benzene in South Korea was 713 dollars/ton, down 6 dollars/ton, and the CFR intermediate price of pure benzene in China was 731.5 dollars/ton, down 6 dollars/ton [2] Upstream Situation - The spot price of Brent DTD crude oil was 67.18 dollars/barrel, down 0.6 dollars/barrel; the CFR intermediate price of naphtha in Japan was 596.75 dollars/ton, down 2.63 dollars/ton [2] Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 45.01 tons, down 0.54 tons; the port inventory was 13.4 tons, down 1 ton; the production cost was 5327.8 yuan/ton, down 118.2 yuan/ton; the production profit was 737 yuan/ton, up 76 yuan/ton [2] Downstream Situation - The operating rates of styrene, caprolactam, phenol, aniline, and adipic acid were 73.44%, 95.72%, 78.54%, 69.24%, and 64.3% respectively, with changes of - 1.54, + 6.41, - 0.46, - 0.1, and + 2 percentage points [2] Industry News - From September 12th to 18th, the capacity utilization rate of petroleum benzene in China decreased by 0.94% to 78.35%, and the capacity utilization rate of hydrobenzene increased by 5.35% to 59.94%. The weighted operating rate of pure benzene downstream increased by 0.74% to 74.29%. As of September 22nd, the pure benzene port inventory in Jiangsu was 10.7 tons, a week - on - week decrease of 20.15%. From September 12th to 18th, the profit of petroleum benzene decreased by 18 yuan/ton to 425 yuan/ton [2]

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View - BZ2603 fluctuated weakly and closed at 6,057 yuan/ton. Supply is expected to increase slightly this week, with the restart of some downstream plants potentially narrowing the supply - demand gap in the short term. However, the demand recovery may be limited due to the styrene maintenance cycle from late - September to October. Pre - holiday stocking demand may support prices. International oil prices are strong, and positive macro - factors are emerging [2]. 3. Summary by Directory 3.1 Futures Market - The main closing price of pure benzene was 6,057 yuan/ton, down 16 yuan; the main settlement price was 6,069 yuan/ton, down 9 yuan. The main trading volume was 2,238 lots, down 2,681 lots; the main open interest was 12,075 lots, down 47 lots [2]. 3.2 Spot Market - The mainstream prices in East China, North China, South China, and Northeast China were 5,990 yuan/ton, 6,050 yuan/ton, 5,900 yuan/ton, and 6,045 yuan/ton respectively. The price in Northeast China increased by 10 yuan/ton. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi were 6,125 yuan/ton and remained unchanged respectively. The FOB mid - price in South Korea was 721 US dollars/ton, up 3 US dollars/ton; the CFR mid - price in China was 740.5 US dollars/ton, up 2 US dollars/ton [2]. 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 68.65 US dollars/barrel, unchanged. The CFR mid - price of naphtha in Japan was 604.88 US dollars/ton, down 3.62 US dollars/ton [2]. 3.4 Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13%. The weekly output was 45.55 million tons, up 0.22 million tons. The port inventory was 14.4 million tons, down 0.5 million tons. The production cost was 5,327.8 yuan/ton, down 118.2 yuan/ton, and the production profit was 737 yuan/ton, up 76 yuan/ton [2]. 3.5 Downstream Situation - The开工率 of styrene was 74.98%, down 4.76%. The capacity utilization rates of caprolactam, phenol, aniline, and adipic acid were 95.72% (up 6.41%), 78.54% (down 0.46%), 69.24% (down 0.1%), and 64.3% (up 2%) respectively [2]. 3.6 Industry News - As of September 15, the pure benzene port inventory in Jiangsu was 13.4 million tons, a week - on - week decrease of 6.94%. From September 5 - 11, the profit of petroleum benzene of PetroChina was 443 yuan/ton, a week - on - week decrease of 69 yuan/ton [2]. 3.7 Outlook - This week, the operating loads of domestic petroleum benzene and hydrogenated benzene plants are expected to increase, and the number of imported cargo arrivals is expected to decrease. Some downstream plants such as styrene, caprolactam, and aniline will restart. However, styrene is in the maintenance cycle from late - September to October, which may limit the demand recovery. Pre - holiday stocking demand may support prices. International oil prices are strong due to geopolitical conflicts, and positive macro - factors such as smooth Sino - US - Spanish talks and upcoming domestic policies are emerging [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In the short - term, the supply - demand contradiction of pure benzene intensifies, and the expectation of spot price decline is clear. Affected by weak supply - demand and cost, BZ2603 is expected to fluctuate weakly in the range of 5900 - 6000 yuan/ton [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The main closing price of pure benzene is 5936 yuan/ton, down 74 yuan; the main settlement price is 5966 yuan/ton, down 36 yuan. The main trading volume is 5447 lots, down 2217 lots; the main open interest is 13794 lots, up 516 lots [2] 3.2 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 6025 yuan/ton (down 25 yuan) and 5840 yuan/ton (unchanged) respectively. The FOB middle price of pure benzene in South Korea is 716 dollars/ton, down 8 dollars; the CFR middle price of pure benzene in China is 732.5 dollars/ton, down 7 dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil is 69.08 dollars/barrel, up 0.98 dollars; the CFR middle price of naphtha in Japan is 596.25 dollars/ton, down 1.13 dollars [2] 3.4 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] 3.5 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] 3.6 Industry News - As of September 1, the commercial inventory of pure benzene ports in Jiangsu is 14.9 tons, a month - on - month increase of 7.97% and a year - on - year increase of 119.12%. From August 22nd to 28th, the profit of petroleum benzene is 671 yuan/ton, a month - on - month decrease of 36 yuan/ton. BZ2603 fell 1.10% to close at 5936 yuan/ton. Last week, the domestic petroleum benzene plants mainly operated stably, with the capacity utilization rate increasing by 0.19% to 79.18% month - on - month; some hydrogenated benzene plants reduced production or stopped, with the capacity utilization rate decreasing by 1.57% to 56.12% month - on - month. The downstream weighted开工率 of pure benzene decreased by 1.46% to 76.96% month - on - month. The inventory of pure benzene in East China ports decreased by 4.17% to 13.8 tons month - on - month [2]

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 showed a fluctuating upward trend and closed at 6,230 yuan/ton. In the short term, the pure benzene price is supported. Technically, BZ2603 should focus on the support near 6,100 and the resistance near 6,350 [2]. - In the supply side, new plants of Yulong and Jingbo started production this week, and some plants in East China restarted. The capacity utilization rate of petroleum benzene increased by 0.21% week-on-week to 78.79%. The number of domestic hydrobenzene shutdown plants increased, and the capacity utilization rate of hydrobenzene decreased by 3.29% week-on-week to 59.66%. Domestic pure benzene supply is expected to increase week-on-week. The small number of imported cargo arrivals may partially offset the domestic increase [2]. - In the demand side, the operating rate of pure benzene downstream mainly decreased last week, and the weighted operating rate of pure benzene downstream decreased by 1.22% week-on-week to 76.74%. Next week, the five major downstream industries of pure benzene will have intensive restarts of maintenance plants, and the consumption of pure benzene is expected to increase week-on-week [2]. - In the long - term, the converted production capacity of new downstream plants of pure benzene in August is higher than that of pure benzene, which gives an improving trend to the supply - demand of pure benzene, and the spot supply - demand gap may gradually shrink [2]. - In terms of cost, affected by the continuous increase in production by OPEC+ and the remaining demand in the US fuel peak season, and with the upcoming meeting between the leaders of the US and Russia, international oil prices are expected to fluctuate [2]. Summary by Related Catalogs Futures Market - The closing price of the main contract of pure benzene was 6,230 yuan/ton, with a week - on - week increase of 26 yuan/ton; the settlement price was 6,231 yuan/ton, with no change. The trading volume was 5,637 lots, an increase of 522 lots; the open interest was 13,779 lots, a decrease of 422 lots [2]. Spot Market - The mainstream price of pure benzene in the East China market was 6,115 yuan/ton, with no change; in the North China market, it was 6,160 yuan/ton, with no change; in the South China market, it was 6,050 yuan/ton, with no change; in the Northeast region, it was 6,135 yuan/ton, a decrease of 10 yuan/ton. The spot price of pure benzene in South Korea's FOB was 733 US dollars/ton, a decrease of 4 US dollars/ton; the CIF price in China was 746.5 US dollars/ton, a decrease of 3 US dollars/ton [2]. Upstream Situation - The spot price of Brent DTD crude oil was 68.16 US dollars/barrel, an increase of 0.13 US dollars/barrel. The CFR intermediate price of naphtha in the Japanese region was 570.5 US dollars/ton, a decrease of 0.5 US dollars/ton [2]. Industry Situation - The capacity utilization rate of pure benzene was 78.14%, an increase of 0.13 percentage points. The weekly output was 44.6 tons, an increase of 1.03 tons. The port inventory of pure benzene was 16.3 tons, a decrease of 0.7 tons. The production cost was 5,327.8 yuan/ton, a decrease of 118.2 yuan/ton. The production profit was 737 yuan/ton, an increase of 76 yuan/ton [2]. Downstream Situation - The operating rate of styrene was 77.73%, a decrease of 1.19 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 1st to 7th, the profit of PetroChina's pure benzene was 576 yuan/ton, a decrease of 67 yuan/ton compared with last week [2]. - As of August 11th, the total commercial inventory of pure benzene in Jiangsu ports was 14.6 tons, a decrease of 10.43% from the previous period [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - BZ2603 oscillated downward, closing at 6,196 yuan/ton. - The production capacity utilization rate of petroleum benzene increased by 0.20% week - on - week to 78.05%, and that of hydrogenated benzene increased by 2.51% week - on - week to 64.46%. - The downstream operating rates of pure benzene varied last week, and the weighted downstream operating rate changed little. - The inventory of pure benzene in East China ports increased by 4.21% week - on - week to 171,000 tons. - The total production of domestic petroleum benzene and hydrogenated benzene is expected to decline slightly due to maintenance, and the volume of imported vessels is expected to increase. The spot supply of pure benzene may remain loose. - Some downstream shutdown devices will restart, and new downstream devices are planned to be put into production this month, so the demand is expected to increase. - Although there is an expectation of marginal improvement in the supply - demand of pure benzene, the supply still exceeds the demand overall, and the spot valuation is expected to remain low. - The short - term international oil price is expected to oscillate due to uncertainties in the US - EU tariff negotiation and OPEC+ output policy in September. - Pay attention to the support near 6,100 and the resistance near 6,300 on the daily K - line of BZ2603 [2]. 3. Summary by Relevant Catalogs Futures Market | Data Indicator | Latest | Change | | ---- | ---- | ---- | | Main contract closing price of pure benzene (daily, yuan/ton) | 6,196 | - 82 | | Main contract settlement price of pure benzene (daily, yuan/ton) | 6,222 | - 16 | | Main contract trading volume of pure benzene (daily, lots) | 14,798 | - 5,696 | | Main contract open interest of pure benzene (daily, lots) | 12,060 | - 1,625 | | Market price of pure benzene in East China market (daily, yuan/ton) | 6,020 | 0 | | Market price of pure benzene in North China market (daily, yuan/ton) | 5,860 | 0 | [2] Spot Market | Data Indicator | Latest | Change | | ---- | ---- | ---- | | Market price of pure benzene in South China market (daily, yuan/ton) | 5,950 | 0 | | Market price of pure benzene in Northeast China (daily, yuan/ton) | 5,865 | 15 | | Market price of hydrogenated benzene in Jiangsu (daily, yuan/ton) | 6,025 | 75 | | Market price of hydrogenated benzene in Shanxi (daily, yuan/ton) | 5,700 | 25 | | Spot price of pure benzene in South Korea (daily, US dollars/ton) | 735 | 4 | | Spot price of pure benzene in China (CFR, daily, US dollars/ton) | 750.5 | 4 | [2] Upstream Situation | Data Indicator | Latest | Change | | ---- | ---- | ---- | | Spot price of Brent DTD crude oil (daily, US dollars/barrel) | 69.77 | - 0.98 | | CFR intermediate price of naphtha in Japan (daily, US dollars/ton) | 566.38 | - 6.5 | [2] Industry Situation | Data Indicator | Latest | Change | | ---- | ---- | ---- | | Capacity utilization rate of pure benzene (weekly, %) | 78.14 | 0.13 | | Weekly output of pure benzene (weekly, 10,000 tons) | 43.52 | 0.35 | | Terminal inventory of pure benzene in ports (weekly, 10,000 tons) | 16.4 | - 1 | | Production cost of pure benzene (weekly, yuan/ton) | 5,327.8 | - 118.2 | | Production profit of pure benzene (weekly, yuan/ton) | 737 | 76 | [2] Downstream Situation | Data Indicator | Latest | Change | | ---- | ---- | ---- | | Operating rate of styrene (weekly, %) | 78.3 | - 0.91 | | Capacity utilization rate of caprolactam (weekly, %) | 95.72 | 6.41 | | Capacity utilization rate of phenol (weekly, %) | 78.54 | - 0.46 | | Capacity utilization rate of aniline (weekly, %) | 69.24 | - 0.1 | | Capacity utilization rate of adipic acid (weekly, %) | 64.3 | 2 | [2] Industry News - From July 11th to 17th, the profit of domestic petroleum benzene increased by 6 yuan/ton week - on - week to 590 yuan/ton. - As of July 21st, the total commercial inventory of pure benzene in Jiangsu port samples was 171,000 tons, a week - on - week increase of 4.21% [2].

Report Industry Investment Rating - Not provided Core Viewpoints - Due to the high supply of pure benzene both domestically and overseas, the inventory at East China ports has increased, and the profit of pure benzene is lower than the same period in previous years. The supply of domestic pure benzene exceeds demand, and the increase in overseas pure benzene export this year further exacerbates the supply - demand contradiction. Although the recent rise in international oil prices may support the cost side, in the short term, the spot price of pure benzene is expected to fluctuate at a low level, and the upward space of BZ2603 futures may be restricted by the supply - demand contradiction [2]. Summary by Relevant Catalogs Futures Market - The closing prices of pure benzene 03, 04, 05, and 06 contracts are 6070 yuan/ton (up 139), 6080 yuan/ton (up 154), 6079 yuan/ton (up 151), and 6050 yuan/ton (up 132) respectively. The trading volume of the main pure benzene contract is 31,731 lots, and the open interest is 9,140 lots [2]. Spot Market - The mainstream prices of pure benzene in East China, North China, South China, and Northeast China are 6,866 yuan/ton, 4,850 yuan/ton, 5,875 yuan/ton (down 150), and 5,800 yuan/ton (down 20) respectively. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi are 5,975 yuan/ton (up 50) and 5,675 yuan/ton (up 40) respectively. The spot prices of pure benzene in South Korea (FOB) and China (CFR) are 717 US dollars/ton (up 5) and 730.5 US dollars/ton (up 3) respectively [2]. Upstream Situation - The spot price of Brent DTD crude oil is 72.04 US dollars/barrel, and the CFR middle - price of naphtha in Japan is 586.5 US dollars/ton (up 9.5) [2]. Industry Situation - The capacity utilization rate of pure benzene is 78.14% (up 0.13), the weekly output is 43.33 tons (up 0.07), the port inventory is 17.7 tons (up 0.6), the production cost is 5,327.8 yuan/ton (down 118.2), and the production profit is 737 yuan/ton (up 76) [2]. Downstream Situation - The开工率 of styrene is 80.03% (down 0.05), 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), and the capacity utilization rate of adipic acid is 64.3% (up 2) [2]. Industry News - The GDP scale of China in 2025 is expected to be around 140 trillion yuan [2]. - From June 27 to July 3, the weekly profit of pure benzene was 737 yuan/ton, an increase of 76 yuan/ton compared with the previous period [2]. - As of July 7, the inventory of pure benzene in Jiangsu ports was 17.4 tons, a decrease of 1.69% compared with the previous period and an increase of 480.00% year - on - year. BZ2603 rose 2.50% to close at 6,070 yuan/ton [2].