In terms of costs, the US military is preparing to restart major military operations against Iran. Trump is weighing the timing. The time to restart the operation may fall before the Israeli general election and the US midterm elections. The geographical situation may further intensify, and international oil prices continue to rise. On the supply side, before the holiday season, domestic pure benzene load fell 0.5 percentage points month-on-month, domestic hydrogenated benzene load decreased 1.7 percentage points month-on-month, and Asia's pure benzene load increased 1.1 percentage points month-on-month. After the holiday season, East China port inventory increased by 15,000 tons month-on-month. Currently, pure benzene's own port inventory is low, and there is not much stock circulation, and Chinese refineries are experiencing defensive device burdens one after another, and supply recovery falls short of expectations. Some factories worry that high oil prices will cause more refineries to join production cuts to reduce the burden. On the demand side, downstream adipic acid, CPL, aniline, and MDI construction increased, while styrene construction declined. Overall, the recovery in domestic pure benzene supply was slower than expected, and stocks were tight. Coupled with rumours about refinery production cuts, there is strong support for pure benzene futures. We are concerned about changes in pure benzene construction commencement and crude oil price trends.

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