1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - In the short - term, the domestic pure benzene supply - demand is expected to remain in a relatively balanced state. In the medium - to - long - term, as the number of spring maintenance units of petroleum benzene increases in the second quarter and the downstream caprolactam enters the peak season, there is a certain support for the domestic pure benzene price. Technically, the daily K - line of BZ2603 should focus on the support around 6000 and the resistance around 6260 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of pure benzene is 6071 yuan/ton, a decrease of 53 yuan; the settlement price is 6118 yuan/ton, an increase of 38 yuan. The trading volume of the main contract is 12797 lots, an increase of 415 lots; the open interest is 16541 lots, a decrease of 2310 lots [2] 3.2 Spot Market - The mainstream price of pure benzene in the East China market is 6060 yuan/ton, unchanged; in the North China market, it is 6060 yuan/ton, unchanged; in the South China market, it is 6150 yuan/ton, unchanged; in the Northeast region, it is 6075 yuan/ton, an increase of 15 yuan. The mainstream price of hydrogenated benzene in Jiangsu and Shanxi regions is unchanged. The FOB mid - price of pure benzene in South Korea is 777 US dollars/ton, an increase of 13 US dollars; the CFR mid - price of pure benzene in China is 778.02 US dollars/ton, an increase of 12.13 US dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil is 73.12 US dollars/barrel, an increase of 0.69 US dollars; the CFR mid - price of naphtha in the Japanese region is 617.13 US dollars/ton, an increase of 4.75 US dollars [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene is 75.4%, an increase of 2.4 percentage points; the weekly output is 44.31 tons, an increase of 1.41 tons. The port inventory of pure benzene is 30.5 tons, unchanged. The production cost is 5331.4 yuan/ton, an increase of 185.4 yuan; the production profit is 647 yuan/ton, an increase of 114 yuan [2] 3.5 Downstream Situation - The开工率 of styrene is 69.96%, an increase of 0.68 percentage points; the capacity utilization rate of caprolactam is 73.16%, a decrease of 0.41 percentage points; the capacity utilization rate of phenol is 86%, a decrease of 2.29 percentage points; the capacity utilization rate of aniline is 89.04%, an increase of 0.51 percentage points; the capacity utilization rate of adipic acid is 69.1%, an increase of 0.6 percentage points [2] 3.6 Industry News - From January 30th to February 5th, the operating rate of petroleum benzene increased by 2.40% to 75.40% year - on - year, and the operating rate of hydrogenated benzene increased by 0.21% to 56.47% year - on - year. From January 31st to February 6th, the weighted operating rate of pure benzene downstream increased by 0.02% to 74.95% year - on - year. As of February 9th, the port inventory of pure benzene in East China was 29.7 tons, an increase of 0.34% compared with last week. From January 30th to February 5th, the profit of domestic petroleum benzene increased by 114 yuan/ton to 647 yuan/ton [2]

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 rose 1.61% to close at 6,124 yuan/ton. Last week, the operating rates of petroleum benzene and hydrogenated benzene increased month-on-month, leading to an increase in domestic pure benzene production. The operating rates of downstream styrene, aniline, and adipic acid increased slightly, while those of caprolactam and phenol decreased to varying degrees. The weighted operating rate of pure benzene downstream changed little month-on-month. Affected by delayed resource arrivals at ports, the inventory at East China ports decreased month-on-month last week, but the inventory pressure remained high. The profit of petroleum benzene increased month-on-month, and the profit level was acceptable. This week, some units of Sinochem Quanzhou and Zhejiang Petrochemical will restart, and the capacity utilization rate of petroleum benzene is expected to continue to rise. The restarted 900,000-ton styrene unit is equivalent to less than the restarted capacity of pure benzene; although some caprolactam units will restart, the overall operating level is still under the negative pressure of the PA6-polyamide industry chain; the operating loads of phenol and aniline are expected to change little. Overall, the supply-demand balance of domestic pure benzene is expected to remain loose. In terms of cost, the market is waiting for the second round of negotiations between the US and Iran. The weekly API crude oil inventory increased month-on-month, and the prices of WTI and Brent crude oil fluctuated slightly yesterday. In the short term, BZ2603 is expected to fluctuate with oil prices, and the daily K-line should pay attention to the support around 6,000 and the resistance around 6,260 [2] Summary by Relevant Catalogs Futures Market - The closing price of the main pure benzene contract was 6,124 yuan/ton, up 53 yuan from the previous day; the settlement price was 6,080 yuan/ton, and the trading volume was 12,382 lots, down 9,350 lots from the previous day; the open interest was 18,851 lots [2] Spot Market - The mainstream price of pure benzene in the East China market was 6,225 yuan/ton, up 175 yuan from the previous day; in the North China market, it was 6,035 yuan/ton, down 60 yuan; in the South China market, it was 6,150 yuan/ton, down 6 yuan; in the Northeast region, it was 6,060 yuan/ton. The FOB mid-price of pure benzene in South Korea was 764 US dollars/ton, and the CFR mid-price of pure benzene in China was 765.89 US dollars/ton, up 1.97 US dollars [2] Upstream Situation - The CFR mid-price of naphtha in the Japanese region was 72.43 US dollars/ton, and the spot price of Brent DTD crude oil was 612.38 US dollars/barrel, up 14.5 US dollars [2] Industry Situation - The capacity utilization rate of pure benzene was 75.4%, up 2.4 percentage points from the previous week; the weekly output was 44.31 tons, up 1.41 tons; the port inventory was 30.5 tons; the production cost was 5,331.4 yuan/ton, up 185.4 yuan; the production profit was 647 yuan/ton, up 114 yuan [2] Downstream Situation - The operating rate of styrene was 69.96%, up 0.68 percentage points from the previous week; the capacity utilization rate of caprolactam was 73.16%, down 0.41 percentage points; the capacity utilization rate of phenol was 86%, down 2.29 percentage points; the capacity utilization rate of aniline was 89.04%, up 0.51 percentage points; the capacity utilization rate of adipic acid was 69.1%, up 0.6 percentage points [2] Industry News - From January 30th to February 5th, the operating rate of petroleum benzene increased by 2.40% month-on-month to 75.40%, and the operating rate of hydrogenated benzene increased by 0.21% month-on-month to 56.47%. From January 31st to February 6th, the weighted operating rate of pure benzene downstream increased by 0.02% month-on-month to 74.95%. As of February 9th, the inventory of pure benzene in East China ports was 29.7 tons, up 0.34% from the previous week. From January 30th to February 5th, the profit of domestic petroleum benzene increased by 114 yuan/ton month-on-month to 647 yuan/ton [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The domestic pure benzene supply - demand is expected to remain in a slightly loose balance. The cost side shows that the geopolitical situation between the US and Iran has sent new signals of tension, leading to a recent strong fluctuation in WTI and Brent oil prices. The daily range of BZ2603 is expected to be around 5870 - 6140 yuan/ton [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the pure benzene futures main contract is 6034 yuan/ton, up 10 yuan; the settlement price is 6027 yuan/ton, down 29 yuan. The trading volume is 21,732 lots, down 516 lots; the open interest is 19,243 lots, down 3065 lots. The mainstream market prices of pure benzene in East China, North China, South China, and Northeast China are 6035 yuan/ton (down 15 yuan), 6120 yuan/ton (down 80 yuan), 6150 yuan/ton (unchanged), and 6066 yuan/ton (down 73 yuan) respectively [2] 3.2 Spot Market - The mainstream market prices of hydrogenated benzene in Jiangsu and Shanxi are 6225 yuan/ton (down 100 yuan) and 6050 yuan/ton (unchanged) respectively. The FOB mid - price of pure benzene in South Korea is 762 US dollars/ton, down 3 US dollars; the CFR mid - price of pure benzene in China is 763.92 US dollars/ton, down 2.91 US dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil is 72.26 US dollars/barrel, up 0.87 US dollars. The CFR mid - price of naphtha in Japan is 597.88 US dollars/ton, down 4.75 US dollars [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene is 75.4%, up 2.4 percentage points; the weekly output is 44.31 million tons, up 1.41 million tons. The terminal inventory of pure benzene at ports is 30.5 million tons, unchanged. The production cost of pure benzene is 5331.4 yuan/ton, up 185.4 yuan; the production profit is 647 yuan/ton, up 114 yuan [2] 3.5 Downstream Situation - The开工 rate of styrene is 69.96%, up 0.68 percentage points; the capacity utilization rate of caprolactam is 73.16%, down 0.41 percentage points; the capacity utilization rate of phenol is 86%, down 2.29 percentage points; the capacity utilization rate of aniline is 89.04%, up 0.51 percentage points; the capacity utilization rate of adipic acid is 69.1%, up 0.6 percentage points [2] 3.6 Industry News - From January 30th to February 5th, the operating rate of petroleum benzene increased 2.40% to 75.40% week - on - week, and the operating rate of hydrogenated benzene increased 0.21% to 56.47% week - on - week. - From January 31st to February 6th, the weighted operating rate of pure benzene downstream increased 0.02% to 74.95% week - on - week. - As of February 9th, the inventory of pure benzene at ports in East China was 29.7 million tons, up 0.34% from last week. - From January 30th to February 5th, the profit of domestic petroleum benzene increased 114 yuan/ton to 647 yuan/ton week - on - week [2]

Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - The absolute price of pure benzene and styrene is oscillating at a high level, and attention should be paid to the contraction of EB profit. The styrene profit is at a high level in recent years, which stimulates the return of zombie capacity. The restart progress of key plants after the Spring Festival has a significant impact on the post - festival balance sheet. The situation of pure benzene will gradually improve after the second quarter, and it is difficult for China's pure benzene imports to increase in 2026. Recently, focus on the contraction of EB profit and the opportunity of PX - EB [3][68]. - The EB processing fee has reached a phased peak, and attention should be paid to the opportunity of short - term profit contraction [3][68]. Summary by Relevant Catalogs Supply - **Pure Benzene Domestic Supply**: In December, 110,000 tons of pure benzene plants were under maintenance, and the maintenance volume in January remained at 110,000 tons (assuming a reduction of 45,000 tons due to the maintenance of Zhejiang Petrochemical). Major plants with large - scale maintenance include Sinochem Quanzhou, LIDONG, and Zhejiang Petrochemical. Some Shandong local refineries will increase their production loads after solving the quota problem to make up for part of the production loss. In January, attention should be paid to the increase in pure benzene production from the new Basf Zhanjiang plant [2][67]. - **Pure Benzene Import Supply**: Although the overseas inventory pressure is still high, the overall import volume has decreased. The average monthly import volume of pure benzene from January to March 2026 is about 430,000 tons. The US - South Korea tariff still exists, but the US - Asia aromatics logistics may continue after the Spring Festival, with an estimated impact of 30,000 - 40,000 tons of pure benzene per month [2][67]. Demand - **Styrene**: In December, 85,000 tons of styrene plants were under maintenance, and 65,000 tons in January. After December, the plant operation gradually resumed, and attention should be paid to the increase in production from the operation of Shandong Guoen Chemical plant. The demand for the three downstream products of styrene (3S) exceeded expectations. After the market rose rapidly last week, downstream factories entered the restocking cycle [3][68]. - **Caprolactam**: Negative feedback in CPL has begun, and factories are gradually reducing their loads. It is estimated that 40,000 tons of plants will be under maintenance in December and 60,000 tons in January, mainly in Fujian Yongrong, Tianchen, Hualu Hengsheng, Xuyang Cangzhou, etc. Attention should be paid to the commissioning of the Hengyi Qinzhou project in December and the expansion of Shaanxi Yangmei in January. Also, pay attention to whether the recent profit recovery of caprolactam will lead to the early restart of plants [3][68]. - **Phenol**: The operation rate is gradually rising. In December, 30,000 tons of plants were under maintenance, and 10,000 tons in January. The commissioning of the new Shandong Ruilin plant may be postponed [3][68]. - **Aniline**: In December, 70,000 tons of aniline plants were under maintenance, mainly including Ningbo Wanhua, Shanghai Covestro, and Chongqing Basf, with a maintenance loss of 77,000 tons. Some plants extended their maintenance plans, and the operation rate in January may be lower than expected [3][68]. Valuation - **Absolute Price Valuation**: Based on the crude oil price of $70 per barrel, the reasonable valuation of the BZ2603 contract is 5,900 - 6,000 yuan/ton [3][68]. Strategy - **Unilateral Strategy**: The market will mainly oscillate before the Spring Festival [3][68]. - **Cross - Variety Strategy**: Pay attention to the opportunity of bottom - fishing PX - EB, that is, buy BZ and short EB [3][68].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Due to the cold wave causing delays in resource arrivals at ports, the inventory at East China ports decreased week-on-week last week, but it remains at a high level compared to the same period. From late January to early February, multiple sets of devices such as Sinochem Quanzhou and Shanghai Petrochemical will restart, and the supply and demand of pure benzene in China may shift from a tight balance to a loose balance. The 450,000-ton maintenance device of styrene in Sinochem Quanzhou is planned to restart, and the operation of the 450,000-ton device of Bohua is still uncertain, with the operating rate expected to increase slightly. The negative impact in the nylon industry chain is transmitted upwards, and the operating rate of caprolactam is expected to remain low. The overall demand for phenol, aniline, and adipic acid is expected to increase slightly. In terms of cost, affected by the increased possibility of military conflict between the US and Iran, large-scale winter storms in the US, and the recent weakening of the US dollar, international oil prices have risen significantly recently. In the short term, BZ2603 is expected to fluctuate with oil prices [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of pure benzene was 6,130 yuan/ton, up 140 yuan; the settlement price was 6,067 yuan/ton, up 58 yuan. The trading volume of the main contract was 29,884 lots, up 6,572 lots; the open interest was 31,613 lots, up 760 lots. The mainstream price of pure benzene in the East China market was 5,950 yuan/ton, unchanged; in the North China market, it was 5,940 yuan/ton, unchanged; in the South China market, it was 5,900 yuan/ton, unchanged; in the Northeast region, it was 5,941 yuan/ton, down 11 yuan [2] 3.2 Spot Market - The spot price of pure benzene in South Korea's FOB intermediate price was 750 US dollars/ton, down 18 US dollars; the CFR intermediate price of pure benzene in China was 750.79 US dollars/ton, down 14.72 US dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 69.53 US dollars/barrel, up 1.17 US dollars; the CFR intermediate price of naphtha in the Japanese region was 573.25 US dollars/ton, up 8 US dollars [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene was 72.37%, down 1.89 percentage points; the weekly output was 425,300 tons, down 11,100 tons. The port inventory of pure benzene was 297,000 tons, down 27,000 tons. The production cost of pure benzene was 5,017.8 yuan/ton, up 39.8 yuan; the production profit was 446 yuan/ton, up 77 yuan [2] 3.5 Downstream Situation - The operating rate of styrene was 69.63%, down 1.23 percentage points; the capacity utilization rate of caprolactam was 76.17%, down 1 percentage point; the capacity utilization rate of phenol was 88.44%, down 0.31 percentage point; the capacity utilization rate of aniline was 87.61%, up 14.35 percentage points; the capacity utilization rate of adipic acid was 69.1%, up 3.8 percentage points [2] 3.6 Industry News - From January 16th to 22nd, the operating rate of petroleum benzene decreased by 1.89% week-on-week to 72.37%, and the operating rate of hydrogenated benzene decreased by 3.42% week-on-week to 54.17%. From January 17th to 23rd, the weighted operating rate of pure benzene downstream increased by 1.03% week-on-week to 75.53%. As of January 26th, the inventory of pure benzene at East China ports was 305,000 tons, up 2.69% week-on-week. From January 16th to 22nd, the profit of domestic petroleum benzene increased by 77 yuan/ton week-on-week to 446 yuan/ton [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Due to the cold wave causing delays in resource arrivals at ports, the inventory at East China ports decreased week-on-week last week, but it remains at a high level compared to the same period. From late January to early February, multiple plants such as Sinochem Quanzhou and Shanghai Petrochemical will restart, and the supply and demand of pure benzene in China may shift from a tight balance to a loose balance. The restart of the 450,000 - tonne benzene - ethylene plant of Sinochem Quanzhou is planned, and the start - up rate is expected to increase slightly; the start - up rate of caprolactam is expected to remain low; the overall demand for phenol, aniline, and adipic acid is expected to increase slightly. In terms of cost, market concerns about the Iranian situation have subsided, the faulty oil fields in Kazakhstan are recovering, and international oil prices have fallen from their highs. After the previous macro - level benefits have been digested, the expectation of loose supply and demand in the later market will put some pressure on the market. The daily range of BZ2603 is expected to be around 5,880 - 6,050 yuan/ton [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main pure benzene contract was 5,990 yuan/ton, a decrease of 88 yuan/ton; the settlement price was 6,009 yuan/ton, a decrease of 74 yuan/ton. The trading volume was 23,312 lots, a decrease of 7,885 lots; the open interest was 30,853 lots, a decrease of 1,296 lots [2]. 3.2 Spot Market - The mainstream price of pure benzene in the East China market was 6,025 yuan/ton; in the North China market, it was 5,940 yuan/ton; in the South China market, it was 5,900 yuan/ton; in the Northeast region, it was 5,952 yuan/ton, an increase of 18 yuan/ton. The mainstream price of hydrogenated benzene in Jiangsu and Shanxi regions remained unchanged. The FOB mid - price of pure benzene in South Korea was 768 US dollars/ton, an increase of 4 US dollars/ton; the CFR mid - price of pure benzene in China was 765.5 US dollars/ton, an increase of 5.92 US dollars/ton [2]. 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 68.36 US dollars/barrel, a decrease of 0.35 US dollars/barrel; the CFR mid - price of naphtha in the Japanese region was 573.25 US dollars/ton [2]. 3.4 Industry Situation - The capacity utilization rate of pure benzene was 72.37%, a decrease of 1.89 percentage points; the weekly output was 425,300 tons, a decrease of 11,100 tons. The port inventory of pure benzene was 297,000 tons, a decrease of 27,000 tons. The production cost was 5,017.8 yuan/ton, an increase of 39.8 yuan/ton; the production profit was 446 yuan/ton, an increase of 77 yuan/ton [2]. 3.5 Downstream Situation - The start - up rate of benzene - ethylene was 69.63%, a decrease of 1.23 percentage points; the capacity utilization rate of caprolactam was 76.17%, a decrease of 1 percentage point; the capacity utilization rate of phenol was 88.44%, a decrease of 0.31 percentage point; the capacity utilization rate of aniline was 87.61%, an increase of 14.35 percentage points; the capacity utilization rate of adipic acid was 69.1%, an increase of 3.8 percentage points [2]. 3.6 Industry News - From January 16th to 22nd, the start - up rate of petroleum benzene decreased by 1.89% to 72.37%, and the start - up rate of hydrogenated benzene decreased by 3.42% to 54.17%. From January 17th to 23rd, the weighted start - up rate of pure benzene downstream increased by 1.03% to 75.53%. As of January 26th, the inventory of pure benzene at East China ports was 305,000 tons, a week - on - week increase of 2.69%. BZ2603 fell 1.53% to close at 5,990 yuan/ton. Last week, the start - up rates of petroleum benzene and hydrogenated benzene declined to varying degrees, and the domestic pure benzene output decreased week - on - week. The start - up rates of benzene - ethylene, caprolactam, and phenol decreased slightly, but the start - up rate of aniline increased significantly, driving the weighted start - up rate of pure benzene downstream to increase week - on - week. From January 16th to 22nd, the profit of domestic petroleum benzene increased by 77 yuan/ton to 446 yuan/ton [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - Due to the cold wave causing resource arrival delays, last week's inventory at East China ports decreased on a week - on - week basis, but it remains at a high level compared to the same period. In late January, the restart of multiple units at Sinochem Quanzhou and Shanghai Petrochemical may drive the domestic petroleum benzene operating rate to recover from a low level. The operating rate of styrene is expected to increase slightly, the operating rate of caprolactam is expected to remain low, and the overall demand for phenol, aniline, and adipic acid is expected to increase slightly. Overall, the domestic pure benzene supply - demand is still in a tight balance state. The sanctions by the US on oil - producing countries like Iran still exist, and the cold weather may lead to a decline in US oil production, causing international oil prices to rise. The sentiment in the commodity market is warm, with industrial product futures mostly rising and the Wenhua Industrial Products Index showing a significant increase. The daily K - line of BZ2603 should focus on the support around 6010 and the resistance around 6240 [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract of pure benzene is 6078 yuan/ton, with a week - on - week increase of 22 yuan/ton; the settlement price is 6083 yuan/ton, with a week - on - week increase of 50 yuan/ton. The trading volume of the main contract is 31,197 lots, with a week - on - week decrease of 23,869 lots; the open interest is 32,149 lots, with a week - on - week increase of 306 lots [2] 3.2 Spot Market - The mainstream price of pure benzene in the East China market is 5940 yuan/ton, with no change; in the North China market, it is 5940 yuan/ton, with a week - on - week increase of 210 yuan/ton; in the South China market, it is 5900 yuan/ton, with a week - on - week increase of 150 yuan/ton; in the Northeast region, it is 5934 yuan/ton, with a week - on - week increase of 118 yuan/ton. The mainstream price of hydrogenated benzene in Jiangsu is 6075 yuan/ton, with a week - on - week increase of 175 yuan/ton; in Shanxi, it is 5600 yuan/ton. The FOB mid - price of pure benzene in South Korea is 764 US dollars/ton, with a week - on - week increase of 10 US dollars/ton; the CFR mid - price of pure benzene in China is 759.58 US dollars/ton, with a week - on - week increase of 8.28 US dollars/ton [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil is 68.71 US dollars/barrel, with a week - on - week increase of 2.75 US dollars/barrel. The CFR mid - price of naphtha in Japan is 565.25 US dollars/ton, with a week - on - week decrease of 1.75 US dollars/ton [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene is 72.37%, with a week - on - week decrease of 1.89 percentage points; the weekly output is 42.53 tons, with a week - on - week decrease of 1.11 tons. The port inventory of pure benzene at the end of the week is 29.7 tons, with a week - on - week decrease of 2.7 tons. The production cost of pure benzene is 5017.8 yuan/ton, with a week - on - week increase of 39.8 yuan/ton; the production profit is 446 yuan/ton, with a week - on - week increase of 77 yuan/ton [2] 3.5 Downstream Situation - The total operating rate of styrene is 69.63%, with a week - on - week decrease of 1.23 percentage points; the capacity utilization rate of caprolactam is 76.17%, with a week - on - week decrease of 1 percentage point; the capacity utilization rate of phenol is 88.44%, with a week - on - week decrease of 0.31 percentage point; the capacity utilization rate of aniline is 87.61%, with a week - on - week increase of 14.35 percentage points; the capacity utilization rate of adipic acid is 69.1%, with a week - on - week increase of 3.8 percentage points [2] 3.6 Industry News - From January 16th to 22nd, the operating rate of petroleum benzene decreased by 1.89% to 72.37% on a week - on - week basis, and the operating rate of hydrogenated benzene decreased by 3.42% to 54.17% on a week - on - week basis. From January 17th to 23rd, the weighted operating rate of pure benzene downstream increased by 1.03% to 75.53% on a week - on - week basis. As of January 26th, the inventory of pure benzene at East China ports is 30.5 tons, with a week - on - week increase of 2.69%. From January 16th to 22nd, the profit of domestic petroleum benzene increased by 77 yuan/ton to 446 yuan/ton on a week - on - week basis. BZ2603 rose 0.75% to close at 6078 yuan/ton. Last week, the operating rates of petroleum benzene and hydrogenated benzene declined to varying degrees, and the domestic pure benzene output decreased on a week - on - week basis. The operating rates of styrene, caprolactam, and phenol decreased slightly, but the operating rate of aniline increased significantly, driving the weighted operating rate of pure benzene downstream to increase on a week - on - week basis [2]

Report Summary - **Report Date**: January 21, 2026 - **Report Type**: Pure Benzene Industry Daily Report - **Researcher**: Lin Jingyi (Futures Practitioner Qualification No. F03139610, Futures Investment Consulting Practitioner Certificate No. Z0021558) - **Assistant Researcher**: Xu Tianze (Futures Practitioner Qualification No. F03133092) 1. Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - Domestic pure benzene supply and demand are expected to shift from a wide balance to a tight balance. The开工 rates of domestic petroleum benzene and hydrogenated benzene decreased last week, leading to a decrease in pure benzene production. The weighted开工 rate of pure benzene downstream increased, and the inventory accumulation in East China ports slowed down. The profit of petroleum benzene is at a moderately low level. In mid - to - late January, the restart of some domestic petroleum benzene plants is expected to slightly increase the开工 rate. The restart of some styrene plants in late January will boost pure benzene demand, while the开工 rate of caprolactam is expected to remain low, and the开工 rates of aniline and adipic acid are expected to increase in the short term [2]. - In terms of cost, the geopolitical situation between the US and Iran remains uncertain, and international oil prices may be disturbed by geopolitical factors. In the short - term, BZ2603 is expected to fluctuate in the range of 5700 - 5930 yuan/ton [2]. 3. Key Data Summaries 3.1 Futures Market - **Pure Benzene Futures**: The closing price of the main contract was 5805 yuan/ton, up 38 yuan; the settlement price was 5827 yuan/ton, up 55 yuan. The trading volume was 40,563 lots, up 8249 lots; the open interest was 31,096 lots, down 1232 lots [2]. 3.2 Spot Market - **Domestic Market**: The mainstream prices in East China, North China, South China, and Northeast China were 5690 yuan/ton, 5580 yuan/ton, 5600 yuan/ton, and 5570 yuan/ton respectively. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi regions were 5750 yuan/ton and 5325 yuan/ton respectively [2]. - **International Market**: The FOB mid - price of pure benzene in South Korea was 725 US dollars/ton, down 3 US dollars; the CFR mid - price in China was 723.36 US dollars/ton, down 2.12 US dollars [2]. 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 68.17 US dollars/barrel, up 0.33 US dollars; the CFR mid - price of naphtha in Japan was 549 US dollars/ton, up 0.5 US dollars [2]. 3.4 Industry Situation - **Capacity Utilization and Output**: The capacity utilization rate of pure benzene was 74.26%, down 0.12 percentage points; the weekly output was 43.64 tons, down 0.07 tons [2]. - **Inventory and Cost**: The port inventory of pure benzene was 32.4 tons, up 0.6 tons; the production cost was 4978 yuan/ton, up 63.4 yuan/ton; the production profit was 369 yuan/ton, down 26 yuan/ton [2]. 3.5 Downstream Situation - **Capacity Utilization**: The开工 rate of styrene was 70.86%, down 0.06 percentage points; the capacity utilization rate of caprolactam was 77.17%, up 2.95 percentage points; the capacity utilization rate of phenol was 88.75%, up 3.38 percentage points; the capacity utilization rate of aniline was 73.26%, up 11.95 percentage points; the capacity utilization rate of adipic acid was 65.3%, down 2.3 percentage points [2]. 3.6 Industry News - From January 10th to 16th, the开工 rate of petroleum benzene decreased by 0.12% to 74.26%, and the开工 rate of hydrogenated benzene decreased by 4.07% to 57.59% [2]. - From January 10th to 16th, the weighted开工 rate of pure benzene downstream increased by 2.14% to 74.50% [2]. - As of January 19th, the inventory of pure benzene in East China ports was 29.7 tons, down 8.33% from last week [2]. - From January 9th to 15th, the profit of petroleum benzene was 369 yuan/ton, down 26 yuan/ton from the previous week [2].

Core Viewpoint - The main focus of the news is the recent surge in pure benzene futures, with the main contract reaching a peak of 5823.0 yuan and closing at 5785.0 yuan, reflecting a 2.73% increase [1]. Group 1: Market Analysis - New Lake Futures expresses optimism regarding the rebound potential of pure benzene, citing stable domestic supply and an increase in downstream operating rates, particularly with the upcoming demand from styrene [2]. - The supply side shows that the latest operating rates for petroleum benzene and hydrogenated benzene are at 74.26% and 57.59% respectively, indicating stable domestic supply [2]. - The latest port inventory stands at 324,000 tons, with visible inventory levels being high but hidden inventory decreasing, suggesting a potential shift in market dynamics [2]. Group 2: Short-term Outlook - Ruida Futures anticipates a short-term oscillation for BZ2603, with domestic pure benzene production expected to decrease due to lower operating rates in petroleum benzene [2]. - The report indicates that the domestic supply-demand balance is shifting from a wide balance to a tight balance, with expectations of increased demand from the restart of styrene production facilities [2]. - The geopolitical situation, particularly regarding the US-Iran dynamics, may impact international oil prices, adding uncertainty to cost factors [2].

Core Viewpoint - The domestic pure benzene market is experiencing a mixed performance, with prices showing a slight upward trend despite high inventory levels and weak demand from downstream industries [1][2]. Group 1: Market Performance - On January 12, the main contract for pure benzene opened at 5485.0 CNY/ton, reaching a high of 5599.0 CNY and a low of 5463.0 CNY, with a price increase of 2.14% [1]. - The overall market for pure benzene is showing a strong performance, characterized by a fluctuating upward trend [1]. Group 2: Supply and Demand Dynamics - South China Futures noted that the supply of pure benzene is affected by a mixed change in production of petroleum benzene and hydrogenated benzene, while downstream utilization rates for styrene, phenol, and aniline have increased [1]. - Newhu Futures indicated that the weak demand from downstream industries and continuous supply without reduction expectations have led to inventory levels reaching their highest in nearly five years, creating significant de-stocking pressure [2]. - According to Ruida Futures, the domestic pure benzene production is expected to see a slight increase due to the restart of several facilities, while downstream operating rates remain low [2]. Group 3: Inventory and External Factors - The inventory of pure benzene at East China ports continues to accumulate, with expectations of limited de-stocking pressure after the Spring Festival [1]. - External factors, such as rising geopolitical tensions in the Middle East and seasonal increases in heating demand in the Northern Hemisphere, are providing some support to international oil prices, which may influence pure benzene prices [2].