Morning Market Update for Aniline

I. Key Focus:

Pure Benzene: Market concerns over the potential escalation of US-Iran tensions and continued Houthi attacks on Saudi energy facilities have driven up international crude oil prices. ICE Brent futures (December contract) closed at USD 115.32/barrel, rising by USD 1.44 or +1.26% from the previous session. The market opened lower yesterday amid weakness but rebounded in the afternoon, supported by strong crude oil movements. Given the chaotic geopolitical landscape and the possibility of regional instability intensifying, the market is expected to remain cautious at high levels today.

II. Price Table

Notes:

1. Prices for East China are RMB ex-works, accepting bank acceptance bills, including tax; prices for Shandong are RMB ex-works, cash settlement.
2. These figures represent snapshot prices from the two weeks prior to this week, not weekly averages.
3. "Change" indicates the period-over-period variation.

III. Data Table

Aniline Industry Supply-Demand Data

Notes:

1. The capacity utilization rate reflects production levels, calculated as the ratio of actual output to total capacity for producing enterprises.
2. The production profit margin is an industry-wide metric reflecting overall profitability in major regions, calculated as industry profit divided by average price.
3. Output refers to the domestic weekly aniline production volume, measured in ten-thousand tons (kt).

IV. Market Outlook

Weakening cost-side support and increased wait-and-see sentiment among downstream buyers are dampening market confidence. However, supply remains tight within the market, limiting downward pressure on aniline prices, which continue to operate at elevated levels.