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 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]

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 ...

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]

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 Industry Investment Rating - No relevant information provided Core Viewpoints - In October, domestic pure benzene supply is expected to increase. The impact of maintenance of petroleum benzene plants is expected to decline, and the operating load of North China hydrobenzene plants has gradually recovered to a neutral level after the end of production restrictions in early September, with stable operation expected in the future. New plants for downstream styrene, caprolactam, and phenol are planned to be put into operation, with the converted production capacity higher than that of pure benzene, indicating a medium - to long - term improvement in supply - demand trends. However, large - scale styrene plants are still in the maintenance cycle, limiting the growth space of pure benzene demand. Recently, international oil prices have fallen and rebounded due to factors such as OPEC's slight increase in production, concerns about economic growth caused by the U.S. government shutdown, and the intensification of the Russia - Ukraine conflict. In the short term, the domestic pure benzene supply - demand situation is difficult to improve. Technically, BZ2603 has broken below the lower Bollinger Band, and the MACD green bar has widened, but the single - day K - line has a long lower shadow. Pay attention to the support near 5682 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the pure benzene futures main contract is 5763 yuan/ton, down 37 yuan; the settlement price is 5732 yuan/ton, down 69 yuan. The trading volume is 5189 lots, down 394 lots; the open interest is 12994 lots, up 615 lots. The mainstream price in the East China market is 5860 yuan/ton, down 20 yuan; the mainstream price in the North China market is 5870 yuan/ton, unchanged; the mainstream price in the Northeast region is 5700 yuan/ton, down 102 yuan [2]. Spot Market - The mainstream price of hydrobenzene in Jiangsu is 5825 yuan/ton, down 100 yuan; the mainstream price in Shanxi is 5740 yuan/ton, unchanged. The FOB intermediate price of pure benzene in South Korea is 699 US dollars/ton, up 5 US dollars; the CFR intermediate price of pure benzene in China is 709.5 US dollars/ton, up 2 US dollars [2]. Upstream Situation - The spot price of Brent DTD crude oil is 68.38 US dollars/barrel, up 1.05 US dollars; the CFR intermediate price of naphtha in Japan is 583.75 US dollars/ton, down 1.5 US dollars [2]. Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13 percentage points; the weekly output is 45.7 tons, up 0.16 tons. The port inventory at the end of the week is 10.6 tons, down 0.1 tons. The production cost is 5327.8 yuan/ton, down 118.2 yuan/ton, and the production profit is 737 yuan/ton, up 76 yuan/ton [2]. Downstream Situation - The total styrene operating rate is 73.24%, down 0.2 percentage points; the caprolactam capacity utilization rate is 95.72%, up 6.41 percentage points; the phenol capacity utilization rate is 78.54%, down 0.46 percentage points; the aniline capacity utilization rate is 69.24%, down 0.1 percentage points; the adipic acid capacity utilization rate is 64.3%, up 2 percentage points [2]. Industry News - From September 19th to 25th, the pure benzene capacity utilization rate increased by 1.22% to 79.27% week - on - week, and the hydrobenzene capacity utilization rate increased by 4.05% to 63.99% week - on - week. The weighted operating rate of pure benzene downstream decreased by 1.24% to 76.37% week - on - week. As of October 9th, the total commercial inventory of pure benzene in Jiangsu port samples was 9.1 tons, a week - on - week decrease of 33.7%. From September 19th to 25th, the profit of petroleum benzene was 419 yuan/ton, a week - on - week decrease of 6 yuan/ton [2].

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]