Core Viewpoint - The upcoming launch of pure benzene futures and options on the Dalian Commodity Exchange is expected to enhance risk management tools for the aromatic industry and stabilize supply chains in the sector [2][3][4]. Industry Impact - The volatility of pure benzene prices, influenced by oil price fluctuations and market supply-demand changes, has been significant, with prices ranging from 2,380 yuan/ton in 2020 to 10,305 yuan/ton in 2022, reflecting an annual volatility rate exceeding 40% [2]. - The introduction of futures and options is seen as a strategic move to provide companies with better tools for managing price fluctuations, moving away from limited methods such as long-term contracts and dynamic inventory adjustments [2][3]. Company Strategies - Companies like Sinopec Sales and Northeast Petroleum International are planning to utilize the new futures and options for hedging against price volatility, transitioning from fixed-price contracts to a model based on "futures price + premium/discount" [3]. - Sinopec Sales aims to integrate pure benzene futures into their inventory and trading processes, while other companies are establishing specialized teams to explore combinations of futures pricing and options protection [3]. Global Pricing Dynamics - The launch of pure benzene futures and options is expected to reshape the global chemical pricing landscape, moving China from a position of "Chinese demand, international pricing" to establishing a "Chinese pricing" system [4]. - Currently, China's import dependency for pure benzene is around 15%, with over 4 million tons imported annually, primarily priced based on Korean offshore prices. The development of a domestic pricing system is deemed essential for aligning with China's industrial strength [4]. - The core value of the new futures and options lies in price discovery and innovation, promoting a more resilient "Chinese pricing system" within the global chemical industry [4].

Report Industry Investment Rating - Short - term PX/PTA/PF/PR rating: Neutral [4] Core View - On Wednesday, major polyester filament manufacturers increased production cuts, and the prices of the industrial chain fluctuated weakly. The market is currently focused on the Iran - US nuclear talks and the OPEC+ eight - country ministerial meeting on June 1st, with no news to guide the oil price, which is in a consolidation phase. The gasoline cracking has rebounded recently, but the seasonal performance is still weaker than in the previous two years. The aromatics blending demand this year is not worth much expectation. The domestic and international intermittent blending demand can be basically met by naphtha, limiting the enthusiasm of aromatics to enter the gasoline pool. The supply of PX has recovered, but the spot market is still tight. The PTA price has rebounded, and some device overhauls have been postponed. The polyester demand is strong in the short term but may weaken in mid - to - late June [1][2][3]. Summary According to Related Catalogs I. Price and Basis - The report shows the TA main contract, basis, and inter - period spread trends, PX main contract trends, basis, and inter - period spread, PTA East China spot basis, and short - fiber 1.56D*38mm semi - dull natural white basis [8][9][11] II. Upstream Profits and Spreads - It includes PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [16][19] III. International Spreads and Import - Export Profits - The report presents the toluene US - Asia spread, toluene South Korea FOB - Japan naphtha CFR, and PTA export profit [24][26] IV. Upstream PX and PTA Startup - Information on the startup of Chinese, South Korean, and Taiwanese PTA, as well as Chinese and Asian PX is provided [27][30][32] V. Social Inventory and Warehouse Receipts - Data on PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory are given [35][38][39] VI. Downstream Polyester Load - It contains data on filament production and sales, short - fiber production and sales, polyester load, direct - spinning filament load, polyester staple fiber load, polyester bottle - chip load, filament factory inventory days, and the operating rates of Jiangsu and Zhejiang looms, texturing machines, and dyeing machines [47][49][59] VII. PF Detailed Data - Details on polyester staple fiber load, factory equity inventory days, 1.4D physical inventory, 1.4D equity inventory, recycled cotton - type staple fiber load, raw - recycled spread, pure polyester yarn operating rate, pure polyester yarn production profit, polyester - cotton yarn operating rate, polyester - cotton yarn processing fee, and factory inventory available days are provided [71][80][84] VIII. PR Fundamental Detailed Data - Information on polyester bottle - chip load, bottle - chip factory inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, East China water bottle - chip - recycled 3A - grade white bottle - chip spread, bottle - chip next - month spread, and bottle - chip next - next - month spread is presented [92][94][102]