未达成协议，国际油价预计偏弱震荡。技术上，BZ2603关注6100附近支撑与6300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 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。 | 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) | 6186 | -3 主力结算价:纯苯(日,元/吨) | 6171 | -17 | | | 主力成交量:纯苯(日,手) 市场价:纯苯:华东市场:主流价(日,元/吨) | 5030 | 759 主力持仓量:纯苯(日,手) 0 市场价:纯苯:华北市场:主流价(日,元/吨) | 14110 | -588 | | 现 ...

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].

关注6100附近支撑与6350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 纯苯产业日报 2025-08-12 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。 | 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) | 6250 | 20 主力结算价:纯苯(日,元/吨) | 6264 | 33 | | | 主力成交量:纯苯(日,手) 市场价:纯苯:华东市场:主流价(日,元/吨) | 6584 | 947 主力持仓量:纯苯(日,手) | 14400 | 621 | | 现货市场 | | | | | | | | 市场价:纯苯:华南市场:主流价( ...

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].

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 dropped 1.05% to close at 6,144 yuan/ton. The supply side saw an expanded impact of shutdowns in petroleum benzene plants last week, with the capacity utilization rate decreasing by 0.29% to 77.85%. For hydrobenzene, 3 sets of devices stopped, and the capacity utilization rate dropped by 9.32% to 61.95%. On the demand side, the operating rates of pure benzene downstream varied last week. In terms of inventory, the pure benzene inventory at East China ports decreased by 5.75% to 164,000 tons this week. With an increase in domestic petroleum benzene and hydrobenzene maintenance devices this week, the capacity utilization rate is expected to continue to decline. Due to the restart of large domestic plants and a continuous high volume of ships arriving at ports, pure benzene remains in a state of loose supply. Downstream demand is limited, mainly supported by styrene and caprolactam. There are plans for new downstream device startups this month, which may improve the future supply - demand contradiction. In terms of cost, the global crude oil supply - demand is generally weak, but geopolitical uncertainties still affect short - term oil prices. In the short term, the low - valued spot situation caused by weak supply - demand may continue. The pure benzene spot price is expected to fluctuate at a low level this week. Pay attention to the implementation of new downstream production capacity in the future. BZ2603 is expected to show a volatile trend, with the daily operating range expected to be around 6,100 - 6,300 [2]. Summary by Relevant Catalogs Futures Market - The main closing price of pure benzene was 6,144 yuan/ton, a decrease of 45 yuan; the main settlement price was 6,166 yuan/ton, a decrease of 43 yuan. The main trading volume was 24,596 lots, a decrease of 13,009 lots; the main open interest was 13,970 lots, a decrease of 790 lots [2]. Spot Market - The mainstream price of pure benzene in the East China market was 5,965 yuan/ton, an increase of 5 yuan; in the South China market, it was 5,950 yuan/ton; in the North China market, it was 5,860 yuan/ton; in the Northeast region, it was 5,850 yuan/ton. The spot price of pure benzene in South Korea (FOB) was 727 US dollars/ton, and the CIF price in China was 744.5 US dollars/ton, an increase of 6 US dollars/ton [2]. Upstream Situation - The spot price of Brent DTD crude oil was 71.45 US dollars/barrel, a decrease of 1.19 US dollars; the CFR intermediate price of naphtha in the Japanese region was 597 US dollars/ton, an increase of 12.75 US dollars [2]. Industry Situation - The capacity utilization rate of pure benzene was 78.14%, an increase of 0.13%; the weekly output was 431,700 tons, a decrease of 1,600 tons. The port inventory of pure benzene was 174,000 tons, a decrease of 3,000 tons. The production cost was 5,327.8 yuan/ton, a decrease of 118.2 yuan/ton; the production profit was 737 yuan/ton, an increase of 76 yuan/ton [2]. Downstream Situation - The operating rate of styrene was 79.21%, a decrease of 0.82%; the capacity utilization rate of caprolactam was 95.72%, an increase of 6.41%; the capacity utilization rate of phenol was 78.54%, a decrease of 0.46%; the capacity utilization rate of aniline was 69.24%, a decrease of 0.1%; the capacity utilization rate of adipic acid was 64.3%, an increase of 2 [2]. Industry News - From July 4th to 10th, the weekly profit of pure benzene was 584 yuan/ton, a decrease of 153 yuan/ton compared to the previous period. As of July 14th, the commercial inventory of pure benzene at Jiangsu port samples was 164,000 tons, a decrease of 5.75% compared to the previous period [2].