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].

纯苯产业日报 2025-07-09 矛盾，只是近期国际油价受美国政策因素影响走强，或给到成本端支撑。短期来看，纯苯现货价格预计低 免责声明 位波动；期货方面，BZ2603上涨空间或受供需矛盾抑制。新品种盘面波动较大，注意风险控制。 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。 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 纯苯03合约收盘价(日,元/吨) | 6070 | 139 纯苯04合约收盘价(日,元/吨) | 6080 | 154 | | | 纯苯05合约收盘价(日,元/吨) | 6079 | 151 纯苯06合约收盘 ...