油价震荡，BZ2604日度区间预计在6080-6320附近。 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 助理研究员: 徐天泽 期货从业资格号F03133092 免责声明 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 2026-02-25 | 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) | 6152 | -47 主力结算价:纯苯(日,元/吨) | 6195 | 38 | | | 主力成交量:纯苯(日,手) 市场价:纯苯:华东市场:主流价 ...

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]

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]

落，哈萨克斯坦故障油田正在恢复，国际油价高位回落。前期宏观利好消化，后市供需宽松预期给到盘面 免责声明 一定压力。BZ2603日度区间预计在5880-6050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 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 2026-01-27 | 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) | 5990 | -88 主力结算价:纯苯(日,元/吨) | 6009 | -74 | | | 主力成交量:纯苯(日,手) 市场价:纯苯:华东市场:主流价(日,元/吨) | 23312 6025 | -78 ...

纯苯产业日报 2026-01-26 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。 支撑与6240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 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 | 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) | 6078 | 22 主力结算价:纯苯(日,元/吨) | 6083 | 50 | | | 主力成交量:纯苯(日,手) 市场价:纯苯:华东市场:主流价(日,元/吨) | 31197 5940 | -23869 主力持仓量:纯苯(日,手) 50 市场价:纯苯:华北市场:主流价(日,元/吨) | 32149 5940 | 306 210 | | 现 ...

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].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The supply and demand of pure benzene in China are expected to remain in a slightly loose balance. The short - term BZ2603 is expected to show a volatile trend, with a daily range around 5480 - 5650 yuan/ton [2] Summary by Directory Futures Market - The closing price of the main pure benzene contract is 5584 yuan/ton, up 11 yuan; the settlement price is 5556 yuan/ton, up 21 yuan. The trading volume is 16727 lots, down 9958 lots; the open interest is 29870 lots, down 159 lots [2] - The mainstream prices of pure benzene in the East China, North China, South China, and Northeast regions are 5405 yuan/ton, 5300 yuan/ton, 5400 yuan/ton, and 5315 yuan/ton respectively, with changes of 70 yuan, 80 yuan, 100 yuan, and 92 yuan [2] Spot Market - The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi regions are 5525 yuan/ton and 5045 yuan/ton respectively, with a change of 150 yuan and 0 yuan [2] - The FOB mid - price of pure benzene in South Korea is 688 dollars/ton, up 17 dollars; the CFR mid - price of pure benzene in China is 689.89 dollars/ton, up 14.82 dollars [2] Upstream Situation - The spot price of Brent DTD crude oil is 65.75 dollars/barrel, down 0.23 dollars; the CFR mid - price of naphtha in Japan is 558 dollars/ton, up 6.75 dollars [2] - The capacity utilization rate of pure benzene is 74.38%, down 0.8%; the weekly output is 43.71 tons, up 0.16 tons [2] Industry Situation - The port inventory of pure benzene is 31.8 tons, up 1.8 tons; the production cost is 4914.6 yuan/ton, down 78.65 yuan; the production profit is 395 yuan/ton, up 63 yuan [2] Downstream Situation - The开工率 of styrene is 70.92%, up 0.69%; the capacity utilization rates of caprolactam, phenol, aniline, and adipic acid are 74.22% (down 1.3%), 85.37% (up 5.64%), 61.31% (up 1.5%), and 67.6% (down 0.6%) respectively [2] Industry News - From January 3rd to 9th, the开工率 of petroleum benzene decreased by 0.80% to 74.38%, and the开工率 of hydrogenated benzene increased by 1.66% to 61.66% [2] - From January 3rd to 9th, the weighted开工率 of pure benzene downstream increased by 1.01% to 72.35% [2] - As of January 12th, the inventory of pure benzene in East China ports was 32.4 tons, up 1.89% from last week [2] - From January 2nd to 8th, the profit of petroleum benzene increased by 64 yuan/ton to 395 yuan/ton [2]