间预计在5350-5520附近。 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 纯苯产业日报 2026-01-05 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 | 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) | 5406 | -57 主力结算价:纯苯(日,元/吨) | 5410 | -76 | | | 主力成交量:纯苯(日,手) 市场价:纯苯:华东市场:主流价(日,元/吨) | 15944 5350 | 6366 主力持仓量:纯苯(日,手) 10 市场价:纯苯:华北市场:主流价(日,元/吨) | 27774 5250 | 489 30 | | 现货市场 | | | | 5040 | 0 | | | 市场价:纯苯:华 ...

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 is expected to show a volatile trend in the short term, with the daily K-line focusing on support around 5360 and resistance around 5580. The supply surplus situation is expected to continue, and the international oil price has limited upside potential [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of pure benzene is 5487 yuan/ton, up 18 yuan; the settlement price is 5491 yuan/ton, down 41 yuan. The trading volume is 14907 lots, down 15784 lots; the open interest is 27128 lots, up 1212 lots [2]. Spot Market - The mainstream prices of pure benzene in the East China, South China, North China, and Northeast markets are 5487 yuan/ton, 5360 yuan/ton, 5300 yuan/ton, and 5206 yuan/ton respectively. The prices of hydrogenated benzene in Jiangsu and Shanxi regions are 5375 yuan/ton and 5040 yuan/ton respectively. The FOB intermediate price of pure benzene in South Korea is 664 dollars/ton, down 5 dollars/ton; the CFR intermediate price of pure benzene in China is 671.36 dollars/ton, down 3.73 dollars/ton [2]. Upstream Situation - The spot price of Brent DTD crude oil is 62.74 dollars/barrel, and the CFR intermediate price of naphtha in Japan is 534.63 dollars/ton, down 7.62 dollars/ton [2]. Industry Situation - The capacity utilization rate of pure benzene is 74.89%, down 0.05%; the weekly output is 43.63 tons, down 0.03 tons. The port inventory of pure benzene is 27.3 tons, up 1.3 tons. The production cost is 5109 yuan/ton, down 52.2 yuan/ton; the production profit is 201 yuan/ton, up 38 yuan/ton [2]. Downstream Situation - The开工率 of styrene is 70.7%, up 1.57%; the capacity utilization rates of caprolactam, phenol, aniline, and adipic acid are 74.04%, 78.15%, 62.98%, and 63.6% respectively, up 4.84%, 3.22%, 1.63%, and 4% respectively [2]. Industry News - From December 19th to 25th, the operating rate of petroleum benzene decreased by 0.05% to 74.89%, and the operating rate of hydrogenated benzene increased by 2.94% to 59.83%. From December 20th to 26th, the weighted operating rate of pure benzene downstream increased by 2.59% to 71.07%. As of December 29th, the inventory of pure benzene in East China ports was 30 tons, up 9.89% from last week. From December 20th to 26th, the profit of petroleum benzene increased by 38 yuan/ton to 201 yuan/ton [2]. Viewpoint Summary - The inventory of pure benzene continues to accumulate and remains at a high level. The profit of petroleum benzene has slightly recovered and is in a repair trend. A 210,000 - ton petroleum benzene plant in the Northeast and a hydrogenated benzene plant in the Northwest and Southwest will restart, and the domestic output of pure benzene is expected to increase slightly. The load of large - scale styrene plants is stable, and the operating rate is expected to remain stable; the caprolactam industry continues to cut production to maintain prices, and a small number of plants will resume production; the operating rates of phenol, aniline, and adipic acid plants are expected to increase. The supply - demand gap in the spot market narrows slowly, and the supply surplus is expected to continue. In terms of cost, the geopolitical situation between the US and Venezuela and between Russia and Ukraine shows no signs of deterioration in the short term, and the supply pressure of international crude oil remains, so the upside potential of oil prices is limited. BZ2603 is expected to fluctuate in the short term [2].

瑞达期货研究院于2025年12月26日发布纯苯周度市场分析报告。报告显示，截至统计周期末，纯苯期货 价格呈现震荡偏强走势。 作者：观察君 库存方面，由于前期延误的进口资源陆续到港，本周华东港口纯苯库存环比增加5%，总量达到27.3万 吨，处于历史同期较高水平。利润方面，本周石油苯生产利润环比修复38元/吨，达到201元/吨。 对于后续市场，报告指出，下周国内供应预计将小幅增加。东北地区一套年产能21万吨的石油苯装置计 划重启，西北和西南地区各有一套加氢苯装置也计划恢复生产。下游需求方面，苯乙烯大型装置负荷预 计保持稳定，开工率变化有限；己内酰胺行业"减产保价"行动持续，后续有少量装置计划恢复；苯酚、 苯胺及己二酸装置开工率预计将有所提升。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 在供应方面，根据报告数据，本周国内石油苯装置开工率为74.89%，环比前一周微降0.05个百分点；加 氢苯开工率则环比上升2.94个百分点至59.83%，带动国内纯苯总体产量窄幅上升。 需求端表现普遍回暖。本周纯苯下游主要产品开工率均有所上涨。其中，苯乙烯开工率环比提升 ...

近支撑与5580附近压力。 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 | 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) | 5425 | -34 主力结算价:纯苯(日,元/吨) | 5452 | 29 | | | 主力成交量:纯苯(日,手) 市场价:纯苯:华东市场:主流价(日,元/吨) | 13265 5325 | 1236 主力持仓量:纯苯(日,手) 40 市场价:纯苯:华北市场:主流价(日,元/吨) | 23659 5150 | 842 0 | | 现货市场 | | | | | | | | 市场价:纯苯:华南市场:主流价(日,元/吨) | 5300 | 0 市场价:纯苯:东北地区:主流价(日,元/吨) | 5156 | 24 | | | 市场价:加氢苯:江苏地区:主流价(日,元/吨 | 5325 | 市场价:加氢苯:山西地区:主流价(日,元/吨 0 | 5050 | 0 | | | ) ...

| 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) | 5441 | -13 主力结算价:纯苯(日,元/吨) | 5447 | 14 | | | 主力成交量:纯苯(日,手) 市场价:纯苯:华东市场:主流价(日,元/吨) | 10465 5335 | -780 主力持仓量:纯苯(日,手) 15 市场价:纯苯:华北市场:主流价(日,元/吨) | 22857 5270 | -667 0 | | 现货市场 | | | | | 0 | | | 市场价:纯苯:华南市场:主流价(日,元/吨) | 5300 | 0 市场价:纯苯:东北地区:主流价(日,元/吨) | 5231 | -15 | | | 市场价:加氢苯:江苏地区:主流价(日,元/吨 | 5375 | 市场价:加氢苯:山西地区:主流价(日,元/吨 0 | 5150 | | | | ) 现货价:纯苯:韩国:离岸中间价(日,美元/吨 | | ) 现货价:纯苯:中国:到岸价(CFR):中间价(日 | 668.82 | ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - From November 21st to 27th, SH2601 fell 1.03% to close at 2212 yuan/ton, and BZ2603 declined and then rebounded, closing at 5454 yuan/ton [2] - Last week, the operating rates of petroleum benzene and hydrogenated benzene decreased month - on - month, and the domestic pure benzene output declined [2] - The operating rates of downstream styrene and caprolactam decreased, while those of phenol, aniline, and adipic acid increased. The weighted operating rate of pure benzene downstream decreased slightly [2] - The inventory at East China ports continued to accumulate, higher than the same period in previous years. The profit of petroleum benzene was slightly repaired but remained at a low - valuation level due to weak supply and demand [2] - This week, a domestic disproportionation unit is under maintenance, but the imported resources arriving at ports are increasing. The domestic petroleum benzene supply is expected to increase slightly [2] - In December, the impact of domestic petroleum benzene maintenance is not much different from that in November [2] - The downstream styrene plants are both under commissioning and restarting, and there are also expectations of increased loads for phenol and caprolactam, which may drive a slight increase in pure benzene demand and ease the wide - balance state of spot supply and demand [2] - In terms of cost, geopolitical uncertainties in Russia - Ukraine and US - Venezuela still exist, and the market expects an increased probability of the Fed cutting interest rates in December. Recently, international oil prices have fluctuated strongly [2] - In the short term, BZ2603 is expected to show a volatile trend, with the daily range expected to be around 5370 - 5460 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of pure benzene futures main contract decreased by 19 yuan/ton to 5454 yuan/ton, and the settlement price decreased by 19 yuan/ton to 5433 yuan/ton [2] - The trading volume of the main contract was 1193 lots, and the open interest was 11245 lots, a decrease of 551 lots [2] 3.2 Spot Market - The mainstream prices of pure benzene in East China, North China, South China, and Northeast China were 5320 yuan/ton, 5270 yuan/ton, 5300 yuan/ton, and 5246 yuan/ton respectively, with changes of - 35 yuan/ton, 0 yuan/ton, 0 yuan/ton, and - 19 yuan/ton [2] - The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi were 5375 yuan/ton and 5150 yuan/ton respectively, with no change [2] - The FOB mid - price of pure benzene in South Korea was 657 US dollars/ton, an increase of 3 US dollars/ton; the CFR mid - price of pure benzene in China was 668.82 US dollars/ton, with no change [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 64.47 US dollars/barrel, and the CFR mid - price of naphtha in Japan was 567.5 US dollars/ton, a decrease of 4 US dollars/ton [2] - The capacity utilization rate of pure benzene was 76.59%, a decrease of 0.08 percentage points; the weekly output was 44.62 tons, a decrease of 0.05 tons [2] - The port inventory of pure benzene was 1.7 tons, and the production cost was 5246.8 yuan/ton, a decrease of 67.6 yuan/ton; the production profit was 78 yuan/ton, an increase of 38 yuan/ton [2] 3.4 Downstream Situation - The operating rate of styrene decreased by 1.66 percentage points; the capacity utilization rate of caprolactam was 67.29%, a decrease of 1.54 percentage points [2] - The capacity utilization rates of phenol, aniline, and adipic acid were 81.16%, 77.19%, and 59.4% respectively, with changes of 2.45 percentage points, 1.51 percentage points, and 3.9 percentage points [2]

纯苯产业日报 2025-11-26 | 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) | 5463 | 52 主力结算价:纯苯(日,元/吨) | 5434 | 4 | | | 主力成交量:纯苯(日,手) 市场价:纯苯:华东市场:主流价(日,元/吨) | 13715 5300 | 4225 主力持仓量:纯苯(日,手) -25 市场价:纯苯:华北市场:主流价(日,元/吨) | 23294 5290 | 579 0 | | | 市场价:加氢苯:江苏地区:主流价(日,元/吨 | | 市场价:加氢苯:山西地区:主流价(日,元/吨 | | | | | 市场价:纯苯:华南市场:主流价(日,元/吨) | 5300 | 0 市场价:纯苯:东北地区:主流价(日,元/吨) | 5202 | 20 | | 现货市场 | | 5375 | 0 | 5150 | 0 | | ) | 现货价:纯苯:韩国:离岸中间价(日,美元/吨 | 646 | ) -6 现货价:纯苯:中国:到岸价( ...

Report Summary - **Report Date**: November 17, 2025 [1] - **Report Type**: Pure Benzene Industry Daily Report Industry Investment Rating - No investment rating is provided in the report. Core Viewpoints - The domestic petroleum benzene profit has slightly narrowed and is in a state of low valuation due to weak supply and demand. The planned maintenance capacity of petroleum benzene and hydrogenated benzene in November is relatively small, and foreign supplies continue to flow in, resulting in a relatively high overall supply pressure. Terminal demand is weak, and devices such as styrene are expected to maintain low - level operation, making it difficult for downstream consumption to increase. In terms of cost, OPEC's production increase will continue until the end of the year, and the situation of supply exceeding demand in the crude oil market is expected to continue. However, the tense relationship between the US and Venezuela in the geopolitical aspect may intensify, and there are both bullish and bearish factors in international oil prices. The US gasoline blending demand is increasing, and overseas pure benzene prices are relatively strong. In the short term, BZ2603 is expected to show a fluctuating trend [2]. Summary by Directory 1. Futures Market - **Prices**: The closing price of the main pure benzene contract was 5,547 yuan/ton, up 21 yuan; the settlement price was 5,565 yuan/ton, up 7 yuan [2]. - **Volume and Open Interest**: The trading volume of the main contract was 14,191 lots, down 3,004 lots; the open interest was 20,275 lots, up 417 lots [2]. 2. Spot Market - **Domestic Prices**: The mainstream price of pure benzene in the East China market was 5,405 yuan/ton, up 30 yuan; in the North China market, it was 5,235 yuan/ton, up 45 yuan; in the South China market, it was 5,300 yuan/ton, unchanged; in the Northeast region, it was 5,235 yuan/ton, up 45 yuan. The mainstream price of hydrogenated benzene in Jiangsu was 5,400 yuan/ton, up 25 yuan; in Shanxi, it was 5,000 yuan/ton, unchanged [2]. - **International Prices**: The FOB mid - price of pure benzene in South Korea was 664 US dollars/ton, up 2 US dollars; the CFR mid - price of pure benzene in China was 678.24 US dollars/ton, up 2.27 US dollars [2]. 3. Upstream Situation - **Crude Oil and Naphtha**: The spot price of Brent DTD crude oil was 63.78 US dollars/barrel, up 1.42 US dollars; the CFR mid - price of naphtha in Japan was 577.38 US dollars/ton, up 8.25 US dollars [2]. - **Pure Benzene Production**: The capacity utilization rate of pure benzene was 77.98% (weekly), up 2.84 percentage points; the weekly output was 45.43 million tons, up 1.65 million tons [2]. 4. Industry Situation - **Inventory**: The terminal inventory of pure benzene at ports was 11.3 million tons (weekly), down 0.8 million tons. As of November 17, the inventory of pure benzene at East China ports was 14.7 million tons, up 30.09% week - on - week [2]. - **Cost and Profit**: The production cost of pure benzene was 5,316.2 yuan/ton (weekly), up 14.4 yuan; the production profit was 29 yuan/ton, down 5 yuan [2]. 5. Downstream Situation - **Capacity Utilization Rates**: The total开工率 of styrene was 69.25% (weekly), up 2.31 percentage points; the capacity utilization rate of caprolactam was 86.04%, unchanged; the capacity utilization rate of phenol was 67.25%, down 8.06 percentage points; the capacity utilization rate of aniline was 80.17%, up 2.43 percentage points; the capacity utilization rate of adipic acid was 62%, down 3.6 percentage points [2]. - **Industry Data**: From November 8th to 14th, the operating rate of petroleum benzene increased by 2.83% to 77.98%, and the operating rate of hydrogenated benzene increased by 0.75% to 54.55%. The weighted operating rate of pure benzene downstream decreased by 0.17% to 72.20% [2]. 6. Industry News - From November 8th to 14th, the operating rates of petroleum benzene and hydrogenated benzene increased, and the domestic pure benzene production increased. The operating rates of downstream industries varied, and the weighted operating rate of pure benzene downstream decreased slightly. Delayed resources arrived at ports in a concentrated manner, and the inventory of pure benzene at East China ports increased significantly this week [2]. - From November 7th to 13th, the domestic petroleum benzene profit was 29 yuan/ton, down 5 yuan/ton from the previous week [2]. 7. Viewpoint Summary - In the short term, BZ2603 is expected to fluctuate. The daily K - line should focus on the support around 5,450 and the resistance around 5,640 [2][3].

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 declined and then rebounded, closing at 5418 yuan/ton. Last week, the operating rate of petroleum benzene increased slightly, while that of hydrobenzene dropped significantly, and the domestic pure benzene output decreased. The operating rates of the five major downstream sectors of pure benzene changed little, and the overall downstream weighted operating rate decreased slightly. The number of ships arriving at ports increased significantly, and the inventory at East China ports accumulated significantly. The profit of petroleum benzene decreased at a low level and was in a state of low valuation due to weak supply and demand. In November, the planned maintenance capacity of petroleum benzene and hydrobenzene is small, and low - priced overseas supplies continue to flow in, resulting in a relatively high overall supply pressure. This week, the load of East China petroleum benzene plants increased, and some shut - down hydrobenzene plants restarted, so the domestic pure benzene output is expected to increase month - on - month. Terminal demand is weak, and plants such as styrene are expected to maintain low - level operation, and downstream consumption is unlikely to increase. In terms of cost, affected by the strengthening of the US dollar and weak economic expectations, international oil prices fluctuated and declined yesterday. Technically, the daily K - line of BZ2603 should pay attention to the lower Bollinger Band near 5304 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main pure benzene contract was 5418 yuan/ton, down 20 yuan; the settlement price was 5405 yuan/ton, down 61 yuan. The trading volume was 12,094 lots, up 2,212 lots; the open interest was 17,063 lots, up 497 lots [2]. Spot Market - In the East China market, the mainstream price of pure benzene was 5405 yuan/ton; in the North China market, it was 5230 yuan/ton; in the South China market, it was 5450 yuan/ton; in the Northeast region, it was 5235 yuan/ton. The price of hydrobenzene in Jiangsu and Shanxi regions remained unchanged. The FOB mid - price of pure benzene in South Korea was 670.95 US dollars/ton, and the CFR mid - price of pure benzene in China was 654 US dollars/ton, down 10.28 US dollars/ton [2]. Upstream Situation - The spot price of Brent DTD crude oil was 65.45 US dollars/barrel, down 0.68 US dollars/barrel. The CFR mid - price of naphtha in Japan was 576.5 US dollars/ton, down 5.88 US dollars/ton. The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points, and the weekly output was 42.89 tons, up 0.28 tons [2]. Industry Situation - The terminal inventory of pure benzene at ports was 8.5 tons, down 1.4 tons. The production cost of pure benzene was 5327.8 yuan/ton, down 118.2 yuan/ton, and the production profit was 737 yuan/ton, up 76 yuan/ton [2]. Downstream Situation - The operating rate of styrene was 66.72%, down 2.53 percentage points; the capacity utilization rate of caprolactam was 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, down 0.1 percentage points; the capacity utilization rate of adipic acid was 64.3%, up 2 percentage points. From October 25th to 31st, the operating rate of petroleum benzene increased by 1.37% to 74.10%, and the operating rate of hydrobenzene decreased by 7.79% to 55.67%. The weighted operating rate of pure benzene downstream decreased by 1.22% to 72.18% [2]. Industry News - From October 25th to 31st, the operating rate of petroleum benzene increased by 1.37% to 74.10%, and the operating rate of hydrobenzene decreased by 7.79% to 55.67%. The weighted operating rate of pure benzene downstream decreased by 1.22% to 72.18%. As of November 3rd, the inventory of pure benzene at Jiangsu ports increased by 42.35% to 12.1 tons compared with last week. From October 25th to 31st, the profit of petroleum benzene decreased by 217 yuan/ton to 168 yuan/ton compared with last week [2].

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints - The overall supply pressure of pure benzene is at a relatively high level due to limited planned maintenance capacity of petroleum benzene and hydrogenated benzene in November and continuous inflow of low - priced overseas sources. The domestic pure benzene production is expected to increase month - on - month as the load of East China petroleum benzene devices rises and some shutdown hydrogenated benzene devices restart. However, the terminal demand is weak, and downstream consumption is difficult to grow, with downstream devices expected to maintain low - level operation. The short - term BZ2603 is expected to show a volatile trend, with technical attention on the previous low support around 5430 and the previous high pressure around 5640 [2]. 3. Summary by Related Catalogs Futures Market - The main closing price of pure benzene is 5438 yuan/ton, down 68 yuan; the main settlement price is 5466 yuan/ton, down 50 yuan. The main trading volume is 9882 lots, an increase of 1859 lots; the main open interest is 16566 lots, an increase of 37 lots [2]. Spot Market - In the domestic market, the mainstream price of pure benzene in the East China market is 5438 yuan/ton, in the South China market is 5420 - 5450 yuan/ton (up 70 yuan), in the North China market is 5230 yuan/ton (up 60 yuan), and in the Northeast region is 5215 yuan/ton (up 49 yuan). The mainstream price of hydrogenated benzene in Jiangsu is 5425 yuan/ton (up 50 yuan), and in Shanxi is 4900 yuan/ton. The offshore intermediate price of pure benzene in South Korea is 663 US dollars/ton (up 3 US dollars), and the CFR intermediate price of pure benzene in China is 681.23 US dollars/ton (up 3.94 US dollars) [2]. Upstream Situation - The spot price of Brent DTD crude oil is 66.13 US dollars/barrel, up 0.4 US dollars; the CFR intermediate price of naphtha in Japan is 582.38 US dollars/ton, up 1.88 US dollars [2]. Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13 percentage points; the weekly output is 42.89 million tons, up 0.28 million tons. The port inventory of pure benzene is 8.5 million tons, down 1.4 million tons. The production cost is 5327.8 yuan/ton, down 118.2 yuan; the production profit is 737 yuan/ton, up 76 yuan [2]. Downstream Situation - The total开工率 of styrene is 66.72%, down 2.53 percentage points; the capacity utilization rate of caprolactam is 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol is 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline is 69.24%, down 0.1 percentage point; the capacity utilization rate of adipic acid is 64.3%, up 2 percentage points [2]. Industry News - From October 25th to 31st, the operating rate of petroleum benzene increased by 1.37% to 74.10%, and the operating rate of hydrogenated benzene decreased by 7.79% to 55.67%. The weighted operating rate of pure benzene downstream decreased by 1.22% to 72.18%. As of November 3rd, the pure benzene port inventory in Jiangsu increased by 42.35% to 12.1 million tons. From October 25th to 31st, the profit of petroleum benzene decreased by 217 yuan/ton to 168 yuan/ton [2].