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1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In the short - term, the supply - demand contradiction of pure benzene intensifies, and the expectation of spot price decline is clear. Affected by weak supply - demand and cost, BZ2603 is expected to fluctuate weakly in the range of 5900 - 6000 yuan/ton [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The main closing price of pure benzene is 5936 yuan/ton, down 74 yuan; the main settlement price is 5966 yuan/ton, down 36 yuan. The main trading volume is 5447 lots, down 2217 lots; the main open interest is 13794 lots, up 516 lots [2] 3.2 Spot Market - The mainstream prices of pure benzene in East China, North China, South China, and Northeast China are 5930 yuan/ton (down 30 yuan), 6000 yuan/ton (down 50 yuan), 6000 yuan/ton (unchanged), and 5955 yuan/ton (down 20 yuan) respectively. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi are 6025 yuan/ton (down 25 yuan) and 5840 yuan/ton (unchanged) respectively. The FOB middle price of pure benzene in South Korea is 716 dollars/ton, down 8 dollars; the CFR middle price of pure benzene in China is 732.5 dollars/ton, down 7 dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil is 69.08 dollars/barrel, up 0.98 dollars; the CFR middle price of naphtha in Japan is 596.25 dollars/ton, down 1.13 dollars [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13%; the weekly output is 45.19 tons, up 0.11 tons. The port inventory of pure benzene is 13.8 tons, down 0.6 tons. The production cost is 5327.8 yuan/ton, down 118.2 yuan; the production profit is 737 yuan/ton, up 76 yuan [2] 3.5 Downstream Situation - The开工率 of styrene is 78.07%, down 0.46%; the capacity utilization rate of caprolactam is 95.72%, up 6.41%; the capacity utilization rate of phenol is 78.54%, down 0.46%; the capacity utilization rate of aniline is 69.24%, down 0.1%; the capacity utilization rate of adipic acid is 64.3%, up 2% [2] 3.6 Industry News - As of September 1, the commercial inventory of pure benzene ports in Jiangsu is 14.9 tons, a month - on - month increase of 7.97% and a year - on - year increase of 119.12%. From August 22nd to 28th, the profit of petroleum benzene is 671 yuan/ton, a month - on - month decrease of 36 yuan/ton. BZ2603 fell 1.10% to close at 5936 yuan/ton. Last week, the domestic petroleum benzene plants mainly operated stably, with the capacity utilization rate increasing by 0.19% to 79.18% month - on - month; some hydrogenated benzene plants reduced production or stopped, with the capacity utilization rate decreasing by 1.57% to 56.12% month - on - month. The downstream weighted开工率 of pure benzene decreased by 1.46% to 76.96% month - on - month. The inventory of pure benzene in East China ports decreased by 4.17% to 13.8 tons month - on - month [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - BZ2603 shows a weakening and oscillating trend, closing at 6,206 yuan/ton. The supply of pure benzene is expected to remain abundant, while the consumption may continue to be weak. The situation of supply exceeding demand in the domestic pure benzene market is expected to continue, exerting pressure on prices. In the short term, BZ2603 is expected to show an oscillating trend, with technical support around 6,100 and resistance around 6,300 [2]. 3. Summary by Relevant Catalogs Futures Market - The main closing price of pure benzene is 6,206 yuan/ton, down 2 yuan; the main settlement price is 6,217 yuan/ton, up 3 yuan. The main trading volume is 5,336 lots, down 410 lots; the main open interest is 13,064 lots, up 371 lots. The mainstream prices in different domestic markets have different changes, with some remaining unchanged [2]. Spot Market - The spot price of pure benzene in South Korea's FOB middle - price is 736 US dollars/ton, up 4 US dollars; the CFR middle - price in China is 750.5 US dollars/ton, unchanged. The spot price in the domestic market is 6,225 yuan/ton, unchanged [2]. Upstream Situation - The spot price of Brent DTD crude oil is 68.49 US dollars/barrel, up 0.21 US dollars; the CFR middle - price of naphtha in the Japanese region is 584.5 US dollars/ton, up 9 US dollars [2]. Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13%; the weekly output is 45.08 million tons, up 0.56 million tons. The port inventory of pure benzene is 14.4 million tons, down 0.2 million tons. The production cost is 5,327.8 yuan/ton, down 118.2 yuan/ton; the production profit is 737 yuan/ton, up 76 yuan/ton [2]. Downstream Situation - The开工率 of styrene is 78.53%, up 0.35%; the capacity utilization rate of caprolactam is 95.72%, up 6.41%. The capacity utilization rate of phenol is 78.54%, down 0.46%; the capacity utilization rate of aniline is 69.24%, down 0.1%. The capacity utilization rate of adipic acid is 64.3%, up 2 [2]. Industry News - From August 15th to 21st, the profit of PetroChina's benzene was 707 yuan/ton, an increase of 18 yuan/ton compared with the previous week. As of August 25th, the total commercial inventory of pure benzene ports in Jiangsu was 13.8 million tons, a decrease of 4.17% compared with the previous period [2]. Supply and Demand Analysis - On the supply side, the impact of the restart of previous petroleum - benzene devices has expanded, with the capacity utilization rate of petroleum benzene up 0.98% to 78.99%, while the number of shut - down and load - reducing devices of hydro - benzene in North China has increased, with the capacity utilization rate down 5.03% to 57.69%. On the demand side, the operating rates of pure - benzene downstream industries changed differently last week, with the weighted operating rate of pure - benzene downstream up 0.19% to 78.42%. The inventory of pure benzene in East China ports decreased by 4.17% to 13.8 million tons. This week, petroleum - benzene devices are expected to operate stably, and there are both shut - down and restart devices for hydro - benzene. Overall, the domestic pure - benzene output is expected to change little. The arrival volume of imported pure benzene in East China will increase, and the supply may remain abundant. Terminal demand is insufficient, and all five major downstream industries of pure benzene are in the red, so the consumption of pure benzene may continue to be weak [2]. Cost and Price Forecast - The expectation of the Fed's interest - rate cut in September has increased, and the progress of the Russia - Ukraine meeting is limited. The international oil price has rebounded recently, but the impact of OPEC+ production increase restricts the upward space of oil prices. In the short term, BZ2603 is expected to show an oscillating trend, with technical support around 6,100 and resistance around 6,300 [2].

Group 1: Report Summary - The short - term supply of pure benzene in China is expected to exceed demand, putting pressure on prices; in the medium - to - long - term, the supply - demand contradiction may improve as new downstream capacity in August is higher than that of pure benzene [2] - The supply of crude oil exceeds demand, and international oil prices are expected to fluctuate weakly due to positive signals from Russia - Ukraine peace talks [2] - Technically, for BZ2603, attention should be paid to the support around 6100 and the pressure around 6300 [2] Group 2: Market Data Futures Market - The closing price of the main pure benzene contract is 6205 yuan/ton, up 23 yuan; the settlement price is 6177 yuan/ton, down 13 yuan [2] - The trading volume of the main pure benzene contract is 11282 lots, up 7924 lots; the open interest is 13106 lots, down 877 lots [2] Spot Market - The mainstream price of pure benzene in the East China market is 6250 yuan/ton, unchanged; in the South China market, it is 6095 yuan/ton, down 5 yuan [2] - The FOB mid - price of pure benzene in South Korea is 732 US dollars/ton, unchanged; the CFR mid - price of pure benzene in China is 746.5 US dollars/ton, unchanged [2] Upstream Situation - The spot price of Brent DTD crude oil is 67.6 US dollars/barrel, unchanged; the CFR mid - price of naphtha in Japan is 574.5 US dollars/ton, up 3.75 US dollars [2] Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13%; the weekly output is 44.52 tons, down 0.08 tons [2] - The port inventory of pure benzene is 14.6 tons, down 1.7 tons; the production cost is 5327.8 yuan/ton, down 118.2 yuan [2] - The production profit of pure benzene is 737 yuan/ton, up 76 yuan [2] Downstream Situation - The开工率 of styrene is 78.18%, up 0.45%; the capacity utilization rate of caprolactam is 95.72%, up 6.41% [2] - The capacity utilization rate of phenol is 78.54%, down 0.46%; the capacity utilization rate of aniline is 69.24%, down 0.1% [2] - The capacity utilization rate of adipic acid is 64.3%, up 2% [2] Group 3: Industry News - China will comprehensively rectify the petrochemical and refining industries, phasing out small facilities and upgrading backward capacity while directing investment towards advanced materials [2] - From August 8 - 14, the profit of petroleum benzene in China was 689 yuan/ton, up 113 yuan/ton; the BZ2603 fluctuated widely and closed at 6205 yuan/ton [2] - As of August 18, the commercial inventory of pure benzene in Jiangsu ports was 14.4 tons, down 1.37% [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In the short term, the situation of supply exceeding demand for domestic pure benzene is expected to continue, putting pressure on prices; in the long - term, the new production capacity of pure benzene downstream in August is higher than that of pure benzene, and the supply - demand contradiction may improve. The supply - demand situation of crude oil continues to be supply - dominant, and international oil prices are expected to fluctuate weakly. Technically, BZ2603 should pay attention to the support around 6100 and the resistance around 6300 [2] Summary by Relevant Catalogs Futures Market - The main closing price of pure benzene is 6186 yuan/ton, down 3 yuan; the main settlement price is 6171 yuan/ton, down 17 yuan. The main trading volume is 5030 lots, up 759 lots; the main open interest is 14110 lots, down 588 lots [2] Spot Market - The mainstream prices of pure benzene in East China, North China, South China, and Northeast China are 6100 - 6150 yuan/ton, 6130 - 6120 yuan/ton respectively, with different changes. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi are 6250 yuan/ton (down 75 yuan) and 6050 yuan/ton (unchanged) respectively. The spot price of pure benzene in South Korea's FOB middle price is 734 US dollars/ton, up 1 US dollar; the CIF middle price in China is 748.5 US dollars/ton, unchanged [2] Upstream Situation - The spot price of Brent DTD crude oil is 67.97 US dollars/barrel, down 0.61 US dollars; the CFR middle price of naphtha in Japan is 572.5 US dollars/ton, up 1.5 US dollars [2] Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13%; the weekly output is 44.52 tons, down 0.08 tons. The port inventory of pure benzene is 14.6 tons, down 1.7 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开工率 of styrene is 78.18%, up 0.45%; the capacity utilization rates of caprolactam, phenol, aniline, and adipic acid are 95.72% (up 6.41%), 78.54% (down 0.46%), 69.24% (down 0.1%), and 64.3% (up 2%) respectively [2] Industry News - From August 8th to 14th, the profit of PetroChina's benzene was 689 yuan/ton, up 113 yuan/ton from last week. As of August 18th, the total commercial inventory of pure benzene ports in Jiangsu was 14.4 tons, down 1.37% from the previous period [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Supply of pure benzene is expected to increase on a month - on - month basis, but the small number of imported cargo arrivals may partially offset the domestic increase. Consumption of pure benzene is likely to rise on a month - on - month basis as the overhaul devices of the five major downstream industries of pure benzene restart intensively. In the long - term, there is an improving trend in the supply - demand of pure benzene, and the spot supply - demand gap may gradually shrink. Recently, international oil prices are weakly volatile, and technically, BZ2603 should focus on the support around 6100 [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of pure benzene was 6179 yuan/ton, down 58 yuan; the settlement price was 6210 yuan/ton, down 40 yuan. The trading volume was 2318 lots, and the open interest was 14833 lots. The mainstream prices of pure benzene in different domestic markets varied, with some rising and some falling [2]. Spot Market - The spot price of pure benzene in South Korea's FOB intermediate price was 734 dollars/ton, down 6 dollars; the CFR intermediate price in China was 750.5 dollars/ton, down 4 dollars [2]. Upstream Situation - The spot price of Brent DTD crude oil was 66.97 dollars/barrel, down 0.64 dollars; the CFR intermediate price of naphtha in Japan was 563.5 dollars/ton, down 6.5 dollars [2]. Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 44.6 tons, up 1.03 tons. The port inventory was 16.3 tons, down 0.7 tons. The production cost was 5327.8 yuan/ton, down 118.2 yuan; the production profit was 737 yuan/ton, up 76 yuan [2]. Downstream Situation - The operating rates of downstream products of pure benzene varied. For example, the operating rate of styrene was 77.73%, down 1.19 percentage points; the capacity utilization rate of caprolactam was 95.72%, up 6.41 percentage points [2]. Industry News - From August 1st to 7th, the profit of PetroChina's benzene was 576 yuan/ton, down 67 yuan/ton compared with last week. As of August 11th, the commercial inventory of pure benzene ports in Jiangsu was 14.6 tons, down 10.43% from the previous period. BZ2603 fell 1.14% to close at 6179 yuan/ton. The capacity utilization rate of petroleum benzene increased by 0.21% to 78.79%, while that of hydrogenated benzene decreased by 3.29% to 59.66%. The weighted operating rate of downstream products of pure benzene decreased by 1.22% to 76.74%. The inventory of pure benzene in East China ports decreased by 10.43% to 14.6 tons [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The supply of domestic pure benzene is expected to increase month - on - month, as domestic hydrobenzene plants have the expectation of commissioning and restarting, though the commercial volume of petroleum benzene lacks an increase. The small number of imported cargo arrivals may partially offset the domestic increase. Next week, the consumption of pure benzene is expected to rise month - on - month as the overhaul devices of the five major downstream industries of pure benzene will restart intensively. In the long - term, the new installed capacity of the downstream of pure benzene in August is higher than that of pure benzene, which gives an improvement trend to the supply - demand of pure benzene, and the spot supply - demand gap may gradually shrink. The international oil price is expected to fluctuate, and industrial products rose mainly during the day driven by macro - benefits. Technically, attention should be paid to the support around 6100 and the pressure around 6350 for BZ2603 [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main pure benzene contract was 6250 yuan/ton, up 20 yuan; the settlement price was 6264 yuan/ton, up 33 yuan. The trading volume was 947 lots, and the open interest was 14400 lots, up 621 lots [2] Spot Market - In the domestic market, the mainstream prices of pure benzene in East China, South China, North China, and Northeast China were 6584 yuan/ton, 6115 yuan/ton, 6050 yuan/ton, and 6160 yuan/ton respectively. The prices of hydrobenzene in Jiangsu and Shanxi were 6250 yuan/ton and 6000 yuan/ton respectively. The offshore middle price of pure benzene in South Korea was 731 dollars/ton, down 2 dollars; the CFR middle price in China was 749.5 dollars/ton, up 3 dollars [2] Upstream Situation - The spot price of Brent DTD crude oil was 68.28 dollars/barrel, up 0.12 dollars; the CFR middle price of naphtha in Japan was 568 dollars/ton, down 2.5 dollars [2] Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 44.6 tons, up 1.03 tons. The port inventory of pure benzene was 16.3 tons, down 0.7 tons. The production cost was 5327.8 yuan/ton, down 118.2 yuan; the production profit was 737 yuan/ton, up 76 yuan [2] Downstream Situation - The开工率 of styrene was 77.73%, down 1.19 percentage points; the capacity utilization rates of caprolactam, phenol, aniline, and adipic acid were 95.72% (up 6.41 percentage points), 78.54% (down 0.46 percentage points), 69.24% (down 0.1 percentage points), and 64.3% (up 2 percentage points) respectively [2] Industry News - The Ministry of Finance, the Central Bank and other departments issued the Implementation Plan for the Loan Interest Subsidy Policy for Service Industry Business Entities to provide interest subsidies for eligible service industry business loans. China and the US agreed to suspend the implementation of a 24% tariff for 90 days starting from August 12, 2025. From August 1 to 7, the profit of petroleum benzene of CNPC was 576 yuan/ton, down 67 yuan/ton compared with the previous week. As of August 11, the commercial inventory of pure benzene in Jiangsu ports was 14.6 tons, down 10.43% [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].

Report Summary 1. Investment Rating No investment rating is provided in the report. 2. Core View The supply and demand of pure benzene have a marginal improvement expectation, but overall, it remains in a state where supply exceeds demand, and the spot valuation is expected to remain low. The weak reality of pure benzene is in a game with strong expectations, and attention should be paid to the pressure around 6360 yuan/ton [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the pure benzene futures main contract was 6278 yuan/ton, up 37 yuan; the settlement price was 6238 yuan/ton, up 19 yuan [2]. - The trading volume of the pure benzene futures main contract was 20,494 lots, down 611 lots; the open interest was 13,685 lots, up 775 lots [2]. 3.2 Spot Market - The mainstream price of pure benzene in the East China market was 6010 yuan/ton, with no change; in the North China market, it was 5860 yuan/ton, up 5 yuan; in the South China market, it was 5950 yuan/ton, with no change; in the Northeast region, it was 5850 yuan/ton, up 5 yuan [2]. - The spot price of pure benzene in South Korea's FOB intermediate price was 731 dollars/ton, up 7 dollars; the CFR intermediate price in China was 746.5 dollars/ton, up 6 dollars [2]. 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 70.75 dollars/barrel, down 0.53 dollars; the CFR intermediate price of naphtha in the Japanese region was 572.88 dollars/ton, down 3.5 dollars [2]. 3.4 Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 43.52 tons, up 0.35 tons [2]. - The port inventory of pure benzene was 16.4 tons, down 1 ton; the production cost was 5327.8 yuan/ton, down 118.2 yuan; the production profit was 737 yuan/ton, up 76 yuan [2]. 3.5 Downstream Situation - The operating rate of styrene was 78.3%, down 0.91 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 [2]. 3.6 Industry News - From July 11th to 17th, the profit of domestic petroleum benzene increased by 6 yuan/ton to 590 yuan/ton [2]. - As of July 21st, the total commercial inventory of pure benzene in Jiangsu port samples was 17.1 tons, a week-on-week increase of 4.21% [2]. - Affected by the policy expectation of eliminating backward production capacity in ten key industries, the main industrial products futures rose during the day, with BZ2603 rising 0.95% to close at 6278 yuan/ton. On the supply side, last week, the capacity utilization rate of petroleum benzene increased by 0.20 percentage points week-on-week to 78.05%, and the capacity utilization rate of hydrogenated benzene increased by 2.51 percentage points week-on-week to 64.46%. On the demand side, the operating rates of pure benzene downstream varied last week, and the weighted operating rate of downstream changed little. In terms of inventory, the inventory of pure benzene in East China ports increased by 4.21% week-on-week to 17.1 tons. This week, the total output of domestic petroleum benzene and hydrogenated benzene is expected to decline slightly due to maintenance, and the volume of imported ships is expected to increase. The pure benzene spot may maintain a state of loose supply. Some downstream shutdown devices will restart, and there are plans to put new downstream devices into production this month, so the demand side is expected to increase [2].

Report Summary 1. Industry Investment Rating No information provided. 2. Core View The supply of pure benzene remains ample due to the restart of large domestic plants and high port arrivals. Downstream demand is limited, mainly supported by styrene and caprolactam. There are plans for new downstream plants to start production this month, which may improve the supply - demand imbalance. In the short term, the low - valuation situation of spot goods caused by weak supply - demand may continue, and the spot price of pure benzene is expected to fluctuate at a low level. The daily operating range of BZ2603 is expected to be around 6070 - 6200 [2]. 3. Summary by Relevant Catalogs Futures Market - The main closing price of pure benzene is 6122 yuan/ton, down 44 yuan; the main settlement price is 6139 yuan/ton, down 14 yuan. The main trading volume is 12912 lots, down 1137 lots; the main open interest is 13126 lots, down 765 lots [2]. Spot Market - The mainstream prices of pure benzene in the East China, North China, South China, and Northeast regions are 5960 yuan/ton, 5800 yuan/ton, 5950 yuan/ton, and 5800 yuan/ton respectively, with changes of - 10 yuan/ton, - 60 yuan/ton, 0 yuan/ton, and - 40 yuan/ton [2]. - The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi regions are 5950 yuan/ton and 5675 yuan/ton respectively, with changes of - 50 yuan/ton and 0 yuan/ton [2]. - The spot price of pure benzene in South Korea (FOB) is 724 dollars/ton, unchanged; the CIF price in China is 740.5 dollars/ton, unchanged [2]. Upstream Situation - The spot price of Brent DTD crude oil is 70.18 dollars/barrel, down 0.93 dollars; the CFR price of naphtha in Japan is 581.38 dollars/ton, down 2.37 dollars [2]. Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13%; the weekly output is 43.17 tons, down 0.16 tons. The port inventory is 17.4 tons, down 0.3 tons [2]. - The production cost of pure benzene is 5327.8 yuan/ton, down 118.2 yuan; the production profit is 737 yuan/ton, up 76 yuan [2]. Downstream Situation - The开工率 of styrene is 79.21%, down 0.82%; the capacity utilization rates of caprolactam, phenol, aniline, and adipic acid are 95.72% (up 6.41%), 78.54% (down 0.46%), 69.24% (down 0.1%), and 64.3% (up 2%) respectively [2]. Industry News - From July 4th to 10th, the weekly profit of pure benzene was 584 yuan/ton, down 153 yuan/ton compared to the previous period [2]. - As of July 14th, the commercial inventory of pure benzene in Jiangsu ports was 16.4 tons, down 5.75% from the previous period [2]. - BZ2603 fluctuated weakly, closing at 6122 yuan/ton. Last week, the impact of shutdowns of petroleum benzene plants expanded, with the capacity utilization rate down 0.29% to 77.85%; three hydrogenated benzene plants shut down, with the capacity utilization rate down 9.32% to 61.95% [2].